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TheStreet Open House

PayPal Chief Stepping Down

eBay (EBAY - Get Report), the No. 1 Internet auctioneer, said Thursday that Jeff Jordan, who has led its PayPal business since 2004, was planning to leave the company to spend more time with his family. He will be replaced by veteran executive Rajiv Dutta.

Jordan, whose been with eBay since 1999, will resign in the fall, the company said in a statement. It wasn't more specific. He had headed eBay North America from 2000 to 2004 before assuming his current job. eBay acquired PayPal, which has more than 100 million users, in 2002 for $1.5 billion.

"Jeff has had a long and successful career at PayPal and eBay, building two of the most powerful ecommerce and payment brands on the Internet," said Meg Whitman, eBay's chief executive, in a statement. "Jeff's been a valued colleague and close friend, and while I'm sorry to see him go, I wish him the very best."

PayPal's importance to San Jose, Calif.-based eBay is expanding as the growth in its core auction business slows. The business also is facing heightened competition from Google (GOOG), which last week introduced an online checkout system that offers some of the same features as PayPal.

Dutta's appointment to PayPal comes less than a year after he was named to head eBay's Skype Internet phone unit. Before he ran Skype, Dutta was eBay's chief financial officer and head of strategy where his duties included overseeing acquisitions. Skype vice president Alan Kazim will assume Dutta's position.

Henry Gomez, currently general manager of Skype North America, was named to the newly created position of chief marketing officer and director of country operations worldwide for Skype. Don Albert, director of business development for Skype North America, will take over Gomez's former job.

In addition, eBay International President Lorrie Norrington, who was named to her position in June 2005, will take over the company's unit effective immediately. Norrington replaces Matt Bannick, who will oversee the company's initiatives in corporate philanthropy and the developing world. vice president Josh Silverman will become the unit's general manager. Silverman was a co-founder of the Evite online invitation service that's now owned by IAC/InterActiveCorp (IACI - Get Report).

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