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EBay exec gets $1 million to buy a house

Posted Jul 28 2008, 03:02 PM by Kim Peterson
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The excellent Footnoted blog digs up an offer letter in an eBay filing, and finds that the company gave incoming executive Alan Marks $1 million to buy a house in the Bay Area. If Marks leaves the company within a year, he must repay the bonus.

Marks also gets a $300,000 annual salary, stock awards, annual bonuses, a one-time bonus of $65,000, up to six months in corporate housing and paid relocation. What, no golden coffin? So who is this guy and why is he so important?

Turns out Marks is in charge of "reputation management." Oof. Good luck with that. He's also the top guy for corporate communications, which means he'll figure out how eBay should position itself to the media, employees and shareholders. He previously worked for Nike and Gap.

EBay shares are down more than 2% today to $24.80.

Related reading:

"Golden coffins" for executives

Americans losing interest in eBay

EBay's unfair discount program

EBay's changing auction strategy

 

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Comments

 

The real question is if he will be another Ken Lay or actually add some value.  I have always believed that most executives should have their total benefits based on a series of factors (much like American Express does) rather than the model most companies work under today.

majog (Posted 07.28.08 4:57 PM) Report Abuse

Why is this even a story????

Bill (Posted 07.28.08 5:03 PM) Report Abuse

Did he buy the house on ebay?

michael (Posted 07.28.08 5:06 PM) Report Abuse

So what?  I don't see the story here.  This is a very common practice to recruit top management.  Would you rather have him renting and have no strong ties to the area?  

$300,000 a year doesn't buy a lot in the Bay Area.  

NW (Posted 07.28.08 5:11 PM) Report Abuse

So they is why they raised the fees on e-bay for sellers and for paypal.  Well, I guess as people leave ebay because it too expensive to sell on, this dude may lose his house. Jerk!

loo (Posted 07.28.08 5:16 PM) Report Abuse

Nothing new here...happens all the time.  If you're shocked, catch up with the real world.  Big companies lure talent with incentives all the time.  

Personally, if I was in the small league of running multi billion dollar corporations, I would have earned the right to have such incentives.  No different than MLB or NFL salaries.  Jealous?  Your problem.

George (Posted 07.28.08 5:17 PM) Report Abuse

This is why our Corporate America is in such bad shape!

Oscar (Posted 07.28.08 5:19 PM) Report Abuse

In an area that $1,000,000 does not really buy much, this does not seem to be a unreasonalbe perk to give an executive to come relocate.

A. Pilotti (Posted 07.28.08 5:24 PM) Report Abuse

This is the pits, I'm a stockholder and the stock is taking a beating so how can the company justify it.

keith (Posted 07.28.08 5:30 PM) Report Abuse

I guess that is why Ebay had to increase it's fees, so we could buy the executives thier houses. Can't wait for the community to get a hold of this one. Anyone know where a new "Ebay" is, so I can sell my wares somewhere else.

G.Eller (Posted 07.28.08 5:37 PM) Report Abuse

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