Thursday, March 27, 2008

EBay's Robert Kagle To Stand Down

EBay Inc said on Thursday that early venture capital backer and long-time board member Robert Kagle plans to stand down as a director of the company at its next annual shareholder meeting.

Kagle made one of his earliest investments in eBay of between $5 million and $7 million as a partner with Silicon Valley venture capital firm Benchmark Capital. At its high point the investment was worth upward of $5 billion.

eBay has said that Kagle was leaving solely for personal reasons and time considerations and did not involve any disagreement with the company, the company's management or the board of directors. But one has to wonder given the inauspicious timing.

Earlier this week eBay announced the cut of 125 jobs. That along with the retirement of CEO Meg Whitman, and recent issues with a sellers strike leads on the believe there might be more going on at eBay than they are letting on to.

It looks to me like everyone is abandoning ship while the getting is good. Its definitely something Geek-News.Net will be keeping an eye on.

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