eBay Layoffs – Executives To Get 4 Years Pay
By Daya Baran at September 15, 2008 13 Comments|
The Independent Association of Online Merchants said that it would be interesting to compare the severance packages of “regular employees” and managers with those of eBay’s top executives. Like in many companies, eBay’s has Golden Parachutes for its top executives. It appears from SEC filings that some top execs will receive two years’ target cash compensation, defined as annual base salary plus target annual incentive bonus. That “bonus” is usually 100% of salary, so it would be like getting 4 years’ worth of pay if they are laid off. Meg Whitman, who has retired from the company will be on the payroll through the end of the year. Whitman also gets office space and IT and secretarial support for 3 more years and will be at on the Board at least until June 2010. Rajiv Dutta, who retired recently, is working with his replacement Lorrie Norrington on the transition until October 2008 and will subsequently act as a consultant through the end of the year. Here’s one example of a Golden Parachute. On July 16, 2008, eBay revealed in an SEC filing that the company’s Chief Financial Officer Bob Swan would receive a severance package in the event of his termination without cause: …. providing a cash payment equal to two years’ target cash compensation (defined as annual base salary plus target annual incentive bonus) if the termination occurs within two years of the date of the severance agreement, one and one-half years’ target cash compensation if the termination occurs more than two but within three years of the date of the severance agreement, and one year’s target cash compensation if the termination occurs more than three years after the date of the severance agreement. Ironically Megan Whitman is an advisor to Republican candidate John McCain and they are campaigning on putting Americans back to work. eBay layoffs would send the wrong message. Related: eBay Layoffs Announced Related: Yahoo Layoffs Related: Yahoo Layoffs To Affect 1500 Jobs Related: Google Layoffs |
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13 Comments
Glad to see eBay finally take some hits. They continually try to fix things that are Not Broke and it is catching up with them now. Their on-line chat help support is a joke and appears to be robotic or mechanical in it’s response – Problem Recognition by robotic response?? Sellers are feed-up with the belief that they are the probem according to eBay and you have to protect the seller. I’ve been on both sides as a buyer/seller and can tell you, the seller takes the loss 70% of the time. Seems to me the business rule to remember, which eBay has apparently forgotten, or maybe never really knew – “If you don’t have sellers, you can’t have buyers”.
Who buys on eBay anymore? I thought everyone moved over to Amazon.com
Despite all the stats, I see a ton of high paying jobs posted on employment sites –
http://www.linkedin.com (professional networking)
http://www.realmatch.com (matches you to the perfect job)
These folks will find more work
[...] succession. c.) Who would be better suited to tell us how to put an end to golden parachutes and create jobs in a troubled economy d.) He’s old fashioned and still believes that secretaries should be women __________________ [...]
[...] eBay just laid-off 10% of their employees yesterday, she’s great at creating jobs (and giving leaving executives golden parachutes)! eBay sure did start with 12 people, 12 people named Pierre Omidyar and, uh, 11 other people no [...]
Totally agree with J C Royce:
-”They continually try to fix things that are Not Broke”. Some probably have never bought or sold anything so try to “fix” things to look busy resulting in sellers being discouraged from further listings. Such as asking sellers to list shipping cost when item has not yet been sold, destination unknown etc… Let buyers ask sellers what is the shipping cost. This also proves buyer’s seriousness.
-”If you don’t have sellers, you can’t have buyers”. Correct.
Tape this on ebay office walls.
It’s unwise to allow buyers to give negative feedbacks to sellers and not vice-versa.
This is similar to deregulation and encourages capricious biddings and many other problems too numerous to mention.
I was a seller until recently suspended from my account.Ebay is to much like Communism to me.Like myself selling a genuine products then kicked to the curb.While there were hundreds selling the same thing making thousands of dollars.They are definitely not on the sellers side.Just recently filed a complaint with the BBB.The Federal Trade Commission will be hearing from me to especially since having jurisdiction over internet abusive sales.How bout that EBAY!!!
REF: eBAY has a Good Fiture under planning a spinoff EBayProjects.com
There is an Urgent Need To start ebayProjects.com
Several High Tech Projects /Scientific Projects will have Very Good markets at Vietnam/India/China:
The Total Value of The Consoldated Projects/High Tech Mnfg Projects is 100 Times more than the auctioned off small/medium/individial capital equipments/Proceee & Lab Equipments:
[...] 360 departments will be pretty safe. Related – Google Layoffs – 10,000 Workers Affected Related – eBay Layoffs Related – Yahoo Layoffs Related – SAP [...]
[...] Related: eBay Layoffs – Executives To Get 4 Years Pay [...]
[...] Yahoo, eBay announced it was laying off 10 percent of its 16,000 workers. Also, I have received information that Intuit is laying off however a company representative said [...]
[...] to fame was presiding over a company which was part and parcel of those job losses, having laid off 10% of its workforce. But you can’t make an omelet without breaking a couple thousand [...]
[...] “Ms. Whitman’s most recent claim to fame was presiding over a company which was part and parcel of those job losses, having laid off 10% of its workforce.” [...]