EBay has announced a plan to split its PayPal business into a separate, publicly traded company in 2015.

After the two companies are separated, Devin Wenig, currently the president of eBay Marketplaces, will become the CEO of eBay. Dan Schulman, previously the President of American Express’ Enterprise Growth Group, is joining the company to become president of PayPal and following the spinoff, he will become the CEO of PayPal.

Current eBay President and CEO John Donahoe said in a statement that eBay and PayPal have both benefited from being part of one company in terms of shareholder value for over 10 years but added that ” a thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 clearly becomes less advantageous to each business strategically and competitively.”

This just 6 months after he had publicly argued against the split.

PayPal was founded in the late 1990s and went public in 2002. It was acquired by eBay soon afterward for $1.5 billion and now has more than 152 million users.


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