je.st
news
EBay, PayPal to become standalone companies
2014-09-30 15:19:00| Telecompaper Headlines
(Telecompaper) EBay plans to separate its eBay and PayPal businesses into two independent publicly traded companies. The company said it hopes to achieve the move in the first half of next year, subject to customer conditions. EBay CEO John Donahoe and CFO Bob Swan will be responsible for leading the separation of each business, with board oversight. This will include deciding on appropriate management and capital structures for the businesses. Neither will however an executive management role in the new eBay and PayPal companies, although they will serve on the boards of the two companies. David Wenig, currently the president of eBay Marketplaces, will become CEO of the new eBay company. Dan Schulman, an executive at American Express, will join PayPal immediately as president and CEO designee for PayPal post-separation. The announcement follows a strategic review of eBay's growth strategies and structure. The review concluded that creating two standalone businesses will enable both to capitalise on their respective growth opportunities and create sustainable shareholder value.
Tags: companies
ebay
paypal
standalone
Category:Telecommunications