Marc Andreessen relinquishing his post as a member of the eBay Inc (NASDAQ:EBAY) Board of Directors could possibly be a move to appease the feisty Carl Icahn, Scott Galloway said in a discussion about this recent development on Bloomberg’s In The Loop.Andreessen, who is also on the boards of Facebook Inc (NASDAQ:FB) and Hewlett-Packard Company (NYSE:HPQ), announced today on Twitter that he is departing from the eBay Inc (NASDAQ:EBAY) board.
2/It's been an absolute privilege to serve with John, Pierre, and team, and I could not be more proud of what we've accomplished.
— Marc Andreessen (@pmarca) October 20, 2014
According to Galloway who is a professor at the New York University Stern School of Business, it wouldn’t come as a surprise if billionaire activist investor Carl Icahn had something to do with the legendary technology investor leaving eBay Inc (NASDAQ:EBAY) after six years of being on its board.
“This is a good thing for shareholders, a good thing for Marc. It’s time for him to move on and I wouldn’t be surprised if we find out several years from now [that] this is part of the deal with Icahn for him to calm down,” Galloway said.
He noted that this move is essentially Andreessen declaring victory at eBay Inc (NASDAQ:EBAY). He noted how Andreessen has become a very successful venture capitalist and that the very public dispute he has been having with Icahn is just a distraction.
Meanwhile, Bloomberg Intelligence’s Paul Sweeney said that the PayPal, Inc. transaction had to happen for eBay Inc. This is a beneficial move for the company, he maintained.
The largest institutional shareholder of eBay Inc (NASDAQ:EBAY), which decided to spin off its PayPal, Inc. division next year, is Carl Icahn with his Icahn Capital Lp. The firm reported owning about 30.8 million shares in the internet commerce company by June 30.