NEW YORK (TheStreet) -- eBay (EBAY) shares are down 0.7% to $57.13 in trading on Friday after an SEC filing revealed that the online retailer was paying outgoing CEO John Donahoe a $23 million package not to leave the company before it's planned spin off of PayPal.
Four of the company's other top executives will also leave the company once the spin off is complete, with a total compensation package for all of the executives reaching as much as $35 million.
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"John's transition package is closely tied to the performance of the company during the separation period and the company's stock price at the time of separation," spokeswoman Amanda Miller said in a statement.
Also, the company announced that it severing its partnership with ALEC, a conservative political group that has come under fire recently for its stance on climate change.
"After our annual review of eBay Inc's memberships in trade associations and third party organizations we've decided not to renew our membership with American Legislative Exchange Council (ALEC)," the company said in a statement.
eBay joins Microsoft (MSFT) , Yahoo (YHOO) , Facebook (FB) and Yelp (YELP) as companies who have severed ties with the group this year, according to the San Jose Mercury News.