eBay to spin off PayPal as separate firm
October 1 , 2014
EBay will spin off PayPal, its online payment service, as a separate firm. The move will be implemented in the latter half of 2015.
Markets reacted positively to the news, with eBay shares rising by over 6% in early trading. Ebay said in a statement that this would deliver “sustainable shareholder value”.
Meanwhile, John Donahoe, the present chief executive, is set to leave the firm following the split. Devin Wenig, the current eBay Marketplaces president, will become the chief executive of the new eBay, it was announced.