Or is it done for now? I'm asking about the US?
2 replies (most recent on top)
I left in 2015, it was a good decision, it was getting super political in my dpt (finance)...
Anyhow, I am hearning more cuts this summer (just as poster @iae noted)
By Jennifer Elias – Technology Reporter, Silicon Valley Business Journal
Feb 14, 2019, 2:51pm PST Updated Feb 14, 2019, 4:17pm PST
EBay Inc., under pressure from activist investor Elliott Management, is shaking up its regional leadership team and laying off more than 100 Bay Area employees.
The San Jose-based company will lay off 135 workers from four California locations, according to state documents filed Thursday. It will also merge its regional teams and appoint Jay Lee as its new "markets" leader, according to a filing with the U.S. Securities and Exchange Commission.
The company confirmed that Lee is relocating to its San Jose headquarters from Singapore, where he has been running eBay’s Asia Pacific region. His new role is senior vice president and general manager of markets, a position in which he will oversee eBay's Americas, Asia Pacific, the U.K., Central and Southern Europe and Cross-Border Trade businesses.
EBay is under pressure from billionaire hedge fund manager Paul Singer's Elliott Management to improve its performance. The activist investment firm last month revealed that it had taken a 4 percent stake in eBay and warned that it was disappointed with the company's lack of growth since its split with PayPal Inc. in 2015.
EBay shares jumped more than 6 percent after the Elliott letter was published. The company declined to comment Thursday on the layoffs or their relation to the timing of Elliott's letter.
Layoffs hit South Bay offices
EBay will deliver pink slips to 15 director-level employees, more than 40 managers and several software engineers, architects, data scientists and legal counsels, according to the state filings. The layoffs start Feb. 14.
The layoffs will affect four sites including EBay's newest offices located on San Jose's North First Street, its headquarters on Hamilton Avenue, its San Francisco offices on Fremont Street and its office in Rancho Cordova, according to the state filings.
The North First Street campus in San Jose opened in late 2018 and houses about 200 employees, including IT and marketing teams — many of which were overflow from the company’s Campbell HQ — according to sources.
Execs depart amid shakeup
Scott Cutler, the previous markets leader, will leave eBay after four years, the company said in a blog post on Thursday. Cutler was president of StubHub when eBay acquired the company until 2017, when he became senior vice president of Americas for eBay.
Other executive positions at eBay are in flux too, according to two sources.
The company is currently seeking a CFO for its advertising division, according to a job listing. Former CFO Margarita (Constantinides) Bradley quietly left eBay in November to become director of central strategy and operations for Google, according to her LinkedIn profile. The company didn't immediately respond to request for comment about Bradley's departure.
EBay should focus more on its core business and should spin off its StubHub subsidiary and its classified properties, Elliott said, among other suggestions outlined in the January letter.
On eBay's earnings call the following week, CEO Devin Wenig said the company will boost its buyback programs, including initiating its first-ever dividend.
“It’s going to get really real in the second half in 2020,” Wenig said.
The company will be “ruthless in finding efficiencies" along the way, he said.
Two sources in executive management positions said the company had been talking about making similar changes in the months prior to Elliott Management’s letter, but that it came as a surprise to the rank and file, who were less informed.
More in early summer but not as many