Carl Icahn's recent moves to make changes within EBay have been thwarted by the company. Firstly, Icahn proposed two board nominies from Icahn enterprises LP, Jonathan Christodoro and Daniel Ninivaggi. EBay responded with a rejection to the proposal saying that neither had the relevant experience or expertise for the positions.
At the same time, Icahn has also proposed that EBay spinoff their PayPal subsidiary. EBay rejected this proposal as well sighting that "EBay and PayPal would compete better, grow faster, and deliver greater value to stockholders together than they would apart."
Icahn has taken a strong position against EBay's CEO, John Donahoe, stating that Donahoe had lost stakeholders more than $4 billion through its premature sale of internet-calling service Skype. He further iterated that EBay was an example of poor corporate governance at many public corporations. EBay has taken a supportive stance alongside its CEO, sighting that Donahoe delivered astounding results for EBay shareholders.
Icahn plans to take his analysis of the company, the Skype sale and his case for spinning off PayPal to shareholders within the next couple of days. The next Annual General Meeting will thus play a crucial role in defining the future of the company as Icahn and EBay go head-to-head.