eBay to spin PayPal off into a separate company

eBay have announced that PayPal is to be spun off into a separate company, probably in the second half of 2015.

eBay Inc. today announced Dan Schulman is joining the company as the new President of PayPal, effective immediately. Schulman will become Chief Executive Officer of PayPal following the planned separation of the business into an independent, publicly traded company.

As president of eBay Marketplaces, Devin Wenig leads the eBay, classifieds and StubHub businesses globally. He will become CEO of the new eBay company when eBay and PayPal separate into independent publicly traded companies in 2015. As CEO of eBay, Devin will lead a new eBay Inc., consisting of the businesses that are today eBay Marketplaces and eBay Enterprises.

eBay Inc. President and CEO John Donahoe and eBay CFO Bob Swan will oversee the separation and serve on boards of new independent companies, however neither will have an active management role if we’re reading the eBay releases correctly.