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eBay Inc. today said its Board of Directors, following a strategic review of the companyís growth strategies and structure, has approved a plan to separate the companyís eBay and PayPal businesses into independent publicly traded companies in 2015, subject to customary conditions.
Creating two standalone businesses best positions eBay and PayPal to capitalize on their respective growth opportunities in the rapidly changing global commerce and payments landscape, and is the best path for creating sustainable shareholder value, the company said.eBay and PayPal to Become Independent Publicly Traded Companies in 2015 [update.ebayinc.com]
Devin Wenig, president of eBay Marketplaces, to become CEO of new eBay company following separation
American Express executive Dan Schulman joins PayPal immediately as President and CEO designee for PayPal post-separation
eBay Inc. President and CEO John Donahoe and CFO Bob Swan to oversee separation and serve on boards of new independent companies Maximizes strategic focus and flexibility for eBay and PayPal to capitalize on respective growth opportunities in highly competitive, rapidly changing global commerce and payments markets Preserves eBay and PayPal relationships through armís length operating agreements Provides shareholders with more targeted investment opportunities; best path to sustainable shareholder value