02-22-2006, 09:32 AM
eBay will pay Swan a base salary of $600,000 yearly plus a generous stock and options package.
full article: http://www.nzherald.co.nz/section/story.cfm?c_id=3&ObjectID=10369545
In a statement, eBay said Swan's tenure at Webvan gave him solid experience in running Silicon Valley businessesÂ
Webvan was one of the largest dot com flops and was infamous for spending lavishly on its executives salaries. The company filed bankruptcy and liquidated its assets. Investors sank $1.2 billion into the company and were left with only $25 million. That is the solid experience he brings to eBay.Â
http://news.com.com/Seeking+relics+amid+...75181.html
http://news.com.com/Webvan+set+to+divvy+...16711.html
http://www.ecommercetimes.com/story/11849.html
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I'm taking bets that Auctionbytes will write a glowing review of Swan's career and not mention the central role his bad decisions played in Webvan's demise.Â
Quote:eBay Inc today named Data Systems Corp Chief Financial Officer Bob Swan, a dot-com refugee who once served as chief financial officer at bankrupt online grocer Webvan, as eBay's new CFO.Â
Near the peak of the dot-com craze, Swan joined Webvan in October 1999, where he served as chief financial officer, chief operating officer and chief executive, for two years. Webvan filed for bankruptcy protection in 2001.
In a statement, eBay said Swan's tenure at Webvan gave him solid experience in running Silicon Valley businesses
full article: http://www.nzherald.co.nz/section/story.cfm?c_id=3&ObjectID=10369545
In a statement, eBay said Swan's tenure at Webvan gave him solid experience in running Silicon Valley businessesÂ
Webvan was one of the largest dot com flops and was infamous for spending lavishly on its executives salaries. The company filed bankruptcy and liquidated its assets. Investors sank $1.2 billion into the company and were left with only $25 million. That is the solid experience he brings to eBay.Â
Quote:Once worth $8.4 billion and touted as one of the top companies in e-commerce, the Foster City, Calif.-based company burned through hundreds of millions of dollars in investor and venture capital before closing shop in July.
http://news.com.com/Seeking+relics+amid+...75181.html
Quote:After holding one of the biggest fire sales the Internet has seen, Webvan is divvying up the money it has left: $25 million.
The money represents only a fraction of the $1.2 billion that investors sank into the company, among the Web's costliest flameouts to date.
http://news.com.com/Webvan+set+to+divvy+...16711.html
Quote:In retrospect, all of the signs were there, pointing to the eventual demise of Internet grocery delivery service Webvan...
As recently as last month, Webvan CEO Bob Swan tried gamely to put on the best face, saying the company could achieve financial self-sufficiency by the middle of 2002.
Swan claimed the company needed to raise $25 million to reach profits by the target date. Unfortunately, he could not point to any potential sources for that capital.
The fact that his company's stock closed at 6 cents on Friday could not have been particularly encouraging to anyone on the short list of potential investors
http://www.ecommercetimes.com/story/11849.html
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I'm taking bets that Auctionbytes will write a glowing review of Swan's career and not mention the central role his bad decisions played in Webvan's demise.Â