Feeds

Skype founder quits

As eBay makes tacit admission it overpaid

Internet Security Threat Report 2014

Skype co-founder and chief executive Niklas Zennstrom has quit his job running the eBay-owned IP telephony outfit day-to-day.

In an SEC filing, also today, eBay said it would take a $1.43bn hit in charges relating to Skype in Q3.

Some of Skype's early investors who stood to gain as much as $1.7bn from eBay if the company hit profit targets for 2008 and 2009 have decided to cash out now, trousering a mere $530m. eBay said the payment "is reasonable given the progress and anticipated rapid growth of Skype's active user base". How it plans to make money from a rapidly-growing group of freeloaders remains foggy.

The remaining charges of $900m stem from a fall in Skype's valuation since it agreed to lay down $2.6bn in 2005 in a deal that got a mixed reception from Wall Street. eBay is writing down the deflation of the VoIP bubble.

The boardroom shakeup will see Skype's current chief strategy wonk Michael van Swaaij take the reins until a permanent replacement for Zennstrom is found. The serial entrepreneur, who founded Skype in 2003, will take up a new position as non-executive chairman and spend more time on new projects.

Skype has hit headlines recently with a lengthy outage that cut users off for a week. ®

Beginner's guide to SSL certificates

More from The Register

next story
Of COURSE Stephen Elop's to blame for Nokia woes, says author
'Google did have some unique propositions for Nokia'
FCC, Google cast eye over millimetre wireless
The smaller the wave, the bigger 5G's chances of success
It's even GRIMMER up North after MEGA SKY BROADBAND OUTAGE
By 'eck! Eccles cake production thrown into jeopardy
Mobile coverage on trains really is pants
You thought it was just *insert your provider here*, but now we have numbers
Don't mess with Texas ('cos it's getting Google Fiber and you're not)
A bit late, but company says 1Gbps Austin network almost ready to compete with AT&T
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.