So much for rebuffing Carl Ichan and his calls to split the company: eBay today announcedthat it would split itself into two separate, publicly traded businesses, with an ex-American
Express executive, Dan Schulman, heading up the new PayPal, and an eBay veteran, Devin Wenig, running the remaining eBay portal. Schulman joins PayPal immediately as president and will step up to CEO
after the separation. The two new companies will continue to maintain a relationship through “arm’s length operating agreements,” eBay says, an arrangement that the company says
“will create sharper strategic focus and better position each business to capitalize on those growth opportunities as independent companies.” It expects the spinoff, subject to regulatory
and other approvals, to be completed by the second half of 2015.
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