No doubt this is to save face before Elliott Management booted him
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Elliott is going to sell to apple in number of months. He had to go or he would get push. When he sold shares.. not happy people
That's pretty much how it works across all these companies: people holding spots on multiple boards while being executives at particular companies. Making millions off each other, influencing internal business decisions based on these board connections. Then the board completely ignores votes of shareholders because they legally can; read the Proxy Statement in full. The only time they listen is when a group like Elliott comes in and invests tons of money.
It's really funny they keep saying Donahoe is an independent board member despite his connections to the company when it was eBay and PayPal as one company, but because we're now PayPal Holdings, we're technically a totally different company. It's how they keep getting away with reusing PwC for independent auditing despite the 3 year federal limit. There's all kinds of shady sh-t - it's just important for everyone to remember that these corporations and especially these rich executives are NOT your friend or ally; focus on your life and don't give them more than you think they deserve. They will ALWAYS make a move that think makes money, don't buy into the PR at all; it's all just a facade.
he will remains on the board of directors where he will receive a salary and have more power then he did as CEO and they are looking for the successor. Management in public companies are like locus they move from company to company devouring as much of the resources as they can.
Look up his PayPal stock trades. He sold a ton of his stock shortly before it's peak and has bought up a bunch much when it crashed. As much as he preaches on social issues, he makes a ki-ling off of the misfortune of the working class and used us like chess pieces. Don't be surprised if you see him running for office soon.
Obviously he was always going to go one way or the other. He was initially appointed by investors to look after their interests and gets kicked out by them once they don’t get what they want. In between just failures, mistakes and the risk of becoming an irrelevant business.
Good riddance to be honest
yeah it seems like everything could get better or much worse, but either way i'm not sure i wanna stick around and find out. i'm tired of the layoffs and the stunted career growth thanks to constant terrible managers (and change in managers), always having to prove myself.
you know what, fu-k this place.
Yeah he'll still have his golden parachute. Unfortunate everyone has to deal with him still this year but at least his sh---y leadership team will probably go too. Hopefully they'll finally close that horrible NY office and get rid of those overpriced lazies. If Aaron takes over or doesn't leave though, still run. He's worse.
It's likely part of the plan for him to be forced to retire, either due to age or Elliott. Who knows. Who cares. He's still made and will make millions more than he's been worth.
Let's just hope the next CEO provides better leadership.