eBay Names Shripriya Mahesh To Board Of Directors
UPDATE 3-24-23
eBay filed an amended 8-K with the SEC today to advise that Shripriya has been appointed to the Risk Committee of the Board.
On March 16, 2023, eBay Inc. (the “Company”) filed a Current Report on Form 8-K (the “Initial 8-K”) disclosing that, on March 14, 2023, the Board of Directors of the Company (the “Board”) had appointed Shripriya Mahesh as a member of the Board, effective immediately. At the time of the Initial 8-K, the Board had not determined Ms. Mahesh’s committee assignments.
This Current Report on Form 8-K/A amends the Initial 8-K to disclose that, on March 23, 2023, the Board appointed Ms. Mahesh as a member of the Risk Committee of the Board, effective immediately following the Company’s 2023 annual meeting of stockholders.
According to eBay Corporate Governance documents, the Risk Committee is responsible for:
To review and discuss with management key risk exposures, including information security, data management and regulatory compliance (including privacy, anti-money laundering and foreign assets control), and the steps the Company has taken to detect, monitor and actively manage such exposures, and the Company’s risk assessment and risk management policies relating to such exposures; and regularly report to the Board the substance of such reviews and discussions.
To review and discuss with management the Company’s enterprise risk management function and structure, including risk governance structure, risk assessment and risk management practices and the guidelines, policies and processes for risk assessment and risk management.
To review and discuss with management the tone and culture within the Company regarding risk, ncluding open risk discussions, and integration of risk management into the Company’s behaviors,decision making, and processes.
To review and discuss with management the risks relating to the Company’s public policy positions dvocated in connection with legislation, trade, regulation, and social or political issues significant to the Company's operations, both within the United States and internationally. Risk Committee Charter Approved January 12, 2023
To receive, as and when appropriate, reports from the Company’s corporate audit and compliance staff on the results of risk management reviews and assessments.
To review periodic reports from the Company’s Chief Compliance Officer, and other members of management as appropriate, regarding ongoing enhancements to, and overall effectiveness of, the Company’s compliance risk management program.
To review management actions on significant compliance matters (e.g., actions taken to remediate significant compliance issues, progress of major compliance initiatives, and remediation progress of open regulatory actions) and the Company’s compliance with applicable law and regulation.
To receive regulatory authorities’ significant examination reports, or summaries of the same.
To review disclosure regarding risk contained in the Company’s Annual Report on Form 10-K as well has any significant updates to such disclosure.
To review reports on selected risk topics as the Committee deems appropriate from time to time.
To prepare and issue the evaluation required under "Performance Evaluation" below.
To undertake any other responsibilities expressly delegated to the Committee by the Board from time to time.
eBay is currently planning for a $64M+ loss and possible criminal charges against the company stemming from the 2019 cyberstalking scandal.
Liz Morton ~ Founder
They're also facing serious questions about due diligence (or lack thereof) on last year's TCGPlayer acquisition.
Liz Morton ~ Founder
And eBay's Chief Accounting Officer just abruptly announced his departure, effective March 31.
Liz Morton ~ Founder
It would certainly seem an appropriate time for eBay to put some serious focus on risk and compliance - all of which makes the timing of Mahesh joining the board, and her close ties to founder Pierre Omidyar, very interesting indeed. 🤨
eBay has expanded its Board of Directors today, welcoming a new "old" face to the table as Shripriya Mahesh joins the board, effective immediately.
Mahesh previously served as eBay's VP Product Management and Product Strategy in 2006, making her yet another eBay "boomerang."
In 2013, Mahesh joined eBay founder Pierre Omidyar's First Look Media as Head Of Product and then later became Partner Emerging Tech at Pierre's "social change venture", Omidyar Network.
Omidyar himself stepped down from the board in September 2020, in the wake of the shocking eBay cyberstalking scandal that exposed a bizarre corporate plot targeting the editor and publisher of EcommerceBytes, and seeking to unmask the identity of unsuckEBAY, a particularly vociferous commenter who sparked the ire of top executives at the company.
Liz Morton ~ Founder
Mahesh says she's delighted to be joining the eBay board and looks forward to leveraging her insights and experiences to enable eBay’s sellers and buyers, and build long-term value for shareholders.
eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced the appointment of Shripriya Mahesh to its Board of Directors effective immediately.
"We are excited to have Shripriya join our Board of Directors," said Paul Pressler, Chairman of the Board, eBay Inc. "Shripriya brings extensive experience in consumer products, and businesses powered by foundational and emerging technologies across community, digital identity, supply chain, robotics and more. Her expertise will be a great asset as we build an eBay for the future.”
Shripriya Mahesh currently serves as Co-Founder and General Partner of early-stage venture capital firm Spero Ventures, where she invests in the things that make life worth living with a focus on wellbeing, sustainability, learning, work and play. Prior to that, Shripriya was a Partner at Omidyar Network, investing in emerging technology companies.
Earlier in her career, Shripriya served in various roles at eBay, including VP and Head of Global Product Management and Strategy; VP, US Product Marketing and Platform; and VP, Corporate Strategy. Shripriya currently serves on the Board of Directors of Turo, and she is also a trustee of The Sundance Institute. Shripriya holds a B.A. in Economics from Stella Maris College, an M.F.A. in Film from New York University Tisch School of the Arts, and an M.B.A. from Harvard Business School.
“I am delighted to be joining the eBay Board of Directors,” said Shripriya Mahesh. “eBay’s mission of empowering economic opportunity for all has been one I’ve valued for decades. I look forward to leveraging my insights and experiences to enable eBay’s sellers and buyers, and build long-term value for shareholders.”
In a personal blog from 2010, Mahesh did not pull any punches in her thoughts about eBay and "how not to do innovation" - saying if eBay didn't change the way it thinks, it would become "a terribly uninteresting place for anyone interesting driving innovation." 🔥
At some level, having a team focus on innovative ideas is acceptable (versus the dream goal of every person being empowered to innovate). But the issue is how this team is empowered and enabled. And the real tolerance for trying things. The first idea may not be perfect – but which startup has the perfect first idea?? The team has to have the time and ability to morph the idea just like a startup does. And the powers that be really have to believe this is worth it. Not just pay lip-service to the idea because then they’ll seem cool and hip. And every large company that wants to stay relevant has to solve this problem.
It is frustrating and depressing to think of the ideas that were “out there” and therefore not invested in – like digital goods in 2002/2003. And where is eBay today in the digital goods space? The space that’s seeing explosive growth? No where. This one still causes physical angst when I think of the opportunity lost...
..Yes, eBay probably has to focus on the core business. But it can’t be at the expense of all other innovation. The companies that survive for decades and keep innovating don’t think like this. eBay needs to change the way it thinks or it will remain a solid e-commerce site which milks the core business. Not a bad thing, but a terribly uninteresting place for anyone interesting driving innovation.
And every large company that wants to stay in the lead and keep its best people has to figure out how to do more than just “bolt on” innovation for the sake of checking a box.
That last line hits particularly hard as much of eBay's current "innovation", like 3D view for sneakers, is exactly that - bolted on for the sake of checking a box.
And in a refreshing change of pace, it's nice to see Shripriya is active on Twitter.
Incredibly excited to share that I’ve joined the @eBay board. My previous experience at eBay was a defining period of my career and it led me to appreciate and value companies that are deeply mission-driven. (1/2)https://t.co/DvO5rxJF8B
— Shripriya Mahesh (@Shripriya) March 16, 2023
Maybe she can point out to Jamie Iannone and her fellow board members how strange it is for the CEO of a large company like eBay to be completely absent when his counterparts at Amazon, Etsy, Poshmark, and more are all active on the bird site. 😉
