Under New Leadership, PayPal to Split from eBay
Published at | Updated at(SAN JOSE, Calif.) — PayPal and eBay are separating to become two independent, publicly-traded companies. An eBay announcement Tuesday said the breakup, to be completed in the second half of 2015, is the “best path for growth and shareholder value creation for each business.”
Dan Schulman, a former executive at American Express, will take over the new, independent PayPal as CEO, effective immediately.
“Dan’s impressive track record of growing consumer brands and his experience in payments and mobile technology make him a natural fit for PayPal today,” eBay President and CEO John Donahoe said Tuesday in a statement. “He brings both dynamic leadership and vision as the company accelerates into the future.”
EBay shares jumped more than 10 percent in pre-market trading Tuesday as news of the split became public.
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