PayPal to separate from eBay in 2015

FILE - This Tuesday, July 16, 2013, file photo shows an eBay sign at eBay headquarters in San Jose, Calif. EBay is urging shareholders on Monday, March 10, 2014, to vote for its directors rather than the pair put up by activist investor Carl Icahn. (AP Photo/Ben Margot, File)
FILE - This Tuesday, July 16, 2013, file photo shows an eBay sign at eBay headquarters in San Jose, Calif. (AP Photo/Ben Margot, File)

PayPal is splitting from EBay Inc. and will become a separate and publicly traded company next year.

The separation is expected to occur in the second half of 2015.

EBay said Tuesday that its board decided that the separation was the best path for growth and shareholder value creation for each business.

Dan Schulman, the president of the enterprise growth group at American Express, will be the new president at PayPal, effective immediately. The 56-year-old will become PayPal’s CEO once the separation takes place.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s