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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

 

Has anyone considered that maybe they did hire him to help improve the company so stock prices increase? For a multi-million dollar company this is standard business practice. I think it's a bit more complicated than managing a lemonade stand.

John (Posted 07.28.08 6:17 PM) Report Abuse

When company execs begin pillaging the company piggy bank, it usually means they know something is about to smell bad.  Sell before the real stock tumble arrives.  

Bob Dean (Posted 07.28.08 6:19 PM) Report Abuse

EBAY and PAYPAL  can go f- themsleves//I will stick to Craigslist....Ive been a Ebay member for 8 years....im not paying for some HOMO to move in the BAy area....Ebay and thier EVER rising fees.....Lmao..

fab (Posted 07.28.08 6:19 PM) Report Abuse

over paid i can see like he worth that kind on money

John (Posted 07.28.08 6:25 PM) Report Abuse

So they offered to buy him a median priced home and provide a standard executive compensation package.  This is news?

ron (Posted 07.28.08 6:28 PM) Report Abuse

I think they should have made it 5 years to pay back if he leaves the company, but truly, $1 million to buy a house?  That doesn't buy alot in the bay area these days, especially if he is going to buy anywhere near the Silicon Valley.  Heck, he can buy my parents 54 yr old, 4bdr, 1800 sq ft in Marin County for $900,000, its a bargain.

beth (Posted 07.28.08 6:31 PM) Report Abuse

too late, the community has already got hold of it. i own a website and am now in the process of building a new site like ebay, anyone interested? you can buy n sell for just $9.99 a month , period. no hidden fees, not increases. oh ya in case youre wondering, im not employing any middle men or executives at this time.

m. melton (Posted 07.28.08 6:34 PM) Report Abuse

Yeah, executives should be getting at least all that.  300K a year isn't much for a top executive.  They would definitely need to add some "extras" to the base salary if they expect to get "top level" talent.  I know car salesmen, small shop owners, and even a guy who owns a pool service company who pull in $300K a year.  A top-level exec at high profile companies should easily be getting close to 7-figures or more.

ChesterL (Posted 07.28.08 6:38 PM) Report Abuse

Would you guys rather they picked some dumbass kid with no experience and paid him ten bucks and hour?

Funky Chicken (Posted 07.28.08 6:38 PM) Report Abuse

If you will give me 300k I could start the equivalent to Ebay,and we can start selling a s a p  

T.Fowler (Posted 07.28.08 6:51 PM) Report Abuse

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