eBay and PayPal are splitting up

See the original posting on The Verge

Citing a “rapidly changing global commerce and payments landscape,” eBay has just announced plans to separate its business into two distinct and independent companies: eBay and PayPal. Spinning off PayPal is seen as a way to refocus both companies on the “enormous opportunities” before them and to ensure that they move to grasp them as quickly as possible. Current eBay Marketplaces chief Devin Wenig will become the new eBay Inc. CEO when the restructuring is completed in the latter half of next year, while American Express executive Dan Schulman has been recruited to helm the new PayPal. He joins today as President and CEO-designee.

The separation of eBay, whose focus is facilitating online commerce, and PayPal, who wants to be seen as…

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