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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Mighty Blighty broadbanders beg: Let us lay cable in BT's, er, ducts
Complain to Ofcom that telco has 'effective monopoly'
Download alert: Nearly ALL top 100 Android, iOS paid apps hacked
Attack of the Clones? Yeah, but much, much scarier – report
Broadband sellers in the UK are UP TO no good, says Which?
Speedy network claims only apply to 10% of customers
Virgin Media struck dumb by NATIONWIDE packet loss balls-up
Turning it off and on again fixes glitch 12 HOURS LATER
Yahoo! blames! MONSTER! email! OUTAGE! on! CUT! CABLE! bungle!
Weekend woe for BT as telco struggles to restore service
Fujitsu CTO: We'll be 3D-printing tech execs in 15 years
Fleshy techie disses network neutrality, helmet-less motorcyclists
Facebook, working on Facebook at Work, works on Facebook. At Work
You don't want your cat or drunk pics at the office
Soz, web devs: Google snatches its Wallet off the table
Killing off web service in 3 months... but app-happy bonkers are fine
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
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.
5 critical considerations for enterprise cloud backup
Key considerations when evaluating cloud backup solutions to ensure adequate protection security and availability of enterprise data.
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.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.