PayPal to Split From eBay, Becoming Separate Publicly-Traded Unit

Mobile payment service PayPal is splitting from eBay and will become a separate and publicly traded company next year. Almost a year after billionaire Carl Icahn opened a proxy fight and pressured eBay for a spinoff of PayPal, eBay President and CEO John Donahoe announced the split Tuesday, calling the separation the best path for growth and shareholder value creation for each company. Donahoe will step down as CEO of eBay after overseeing the separation of the two companies. eBay Marketplaces president Devin Wenig will become CEO of the new eBay, while American Express executive Dan Schulman will be the new president at PayPal, becoming CEO once the separation takes place.