eBay to spin off PayPal into separate public company in 2015
eBay will spin off its online payment division PayPal into its own separate, and publicly traded, company sometime in the second half of 2015. eBay claims that keeping PayPal around beyond 2015 "clearly becomes less advantageous to each business strategically and competitively."
eBay acquired PayPal for $1.5 billion way back in 2002. In announcing today's separation, eBay said:
Devin Wenig, who currently serves as eBay's Marketplaces leader, will become the new CEO of the company when the PayPal spin off is complete. Dan Schulman, previously the president of American Express's Enterprise Growth Group, has been named as President of PayPal and is currently scheduled to be its CEO when the two companies part ways.
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I have been writing professionally about technology and gaming news for 14 years.