eBay Inc. & PayPal joined in 2002.
Will split into separate, publicly traded companies in 2015.
The split is to allow both companies to focus on their respective strengths, grow as businesses, and remain flexible.
The new CEO of eBay will be Devin Wenig, the current head of eBay marketplaces, while PayPal will be headed by the newly-hired American Express executive Dan Schulman. Current eBay CEO and President, John Donahoe, as well as CFO Bob Swan, will serve on the boards of the new companies.
