eBay chief received compensation increase last year

EBay Inc. Chief Executive John Donahoe received a significant increase in compensation for 2011, a year in which the online marketplace continued to show improvement. In a regulatory filing on Thursday, eBay said Donahoe's total compensation rose to $16.5 million in 2011, from $12.4 million in the prior year.

The CEO received a raise in salary to more than $945,000 from more than $920,000, while the value of his performance-based restricted stock awards rose sharply to $6 million from $2.6 million. In the filing, eBay says the decision was made in early 2011 to boost elements of Donahoe's compensation including restricted stock, based on a "belief that the company was well positioned for 2011 and in future years based on solid 2010 performance."

In particular, the San Jose, Calif., company cites strong performances by its PayPal payments unit, core marketplaces business and other units such as ticketing service StubHub. Scott Thompson, the former president of PayPal, left to take the CEO job at Yahoo Inc. in January. Since then, Donahoe has been overseeing the unit as the company seeks a permanent replacement.

EBay reported in January that revenue in 2011 rose 27% compared to the prior year to $11.7 billion, while net income rose 79% to $3.2 billion.
Shares of eBay have risen about 13% in the past year, and roughly 18% in the year to date. The shares closed Thursday at $35.78.

In the filing Thursday, eBay also said Chief Financial Officer Robert Swan saw his total compensation rise to $7.7 million in 2011 from $6.4 million in the prior year.
Devin Wenig, the president of the marketplaces unit who was hired by eBay in September, received nearly $13.1 million in compensation for 2011, according to the filing, including about $10.2 million in stock awards.

Wenig also received $1 million to help cover the cost of buying a home in the San Francisco Bay Area after moving from New York, and more than $101,000 in relocation expenses, according to the filing.

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22 April 2024

21 04 2024