EBay's early backer to leave board of directors

SAN FRANCISCO (Reuters) - EBay Inc (EBAY.O) said on Thursday that early venture capital backer and long-time board member Robert Kagle plans to stand down as a director of the company at its next annual shareholder meeting.

Kagle made one of his earliest investments in eBay of between $5 million and $7 million as a partner with Silicon Valley venture capital firm Benchmark Capital in eBay.

The value of this investment multiplied many times over during the dot-com era and was worth upward of $5 billion at its peak -- and is believed to be one of the most lucrative VC investments ever made, according to reports at the time.

He notified the company on Tuesday that he would not stand for reelection at the stockholders meeting in June, but will continue to serve as a director until the meeting.

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