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eBay Obtains Final Approval for PayPal Breakup

eBay announced on Monday it had obtained approval from the European Central Bank for the eBay-PayPal separation, explaining it was the final approval need to complete the split.

The separation is on track to be completed on Friday, July 17 at 11:59 pm EST. And PayPal’s stock will officially begin “regular way” trading on the NASDAQ on Monday, July 20, 2015.

In his notice posted to the eBay Inc. blog, outgoing eBay CEO John Donahoe expressed his confidence in the two executives taking over as CEO of the two respective companies, Devin Wenig (eBay) and Dan Schulman (PayPal). He also thanked customers and employees.

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“I am proud of all that we have accomplished and am excited for the significant opportunities that lie ahead for both eBay and PayPal – their best is yet to come.”

eBay reports second-quarter earnings on Thursday, giving Donahoe an opportunity for a last farewell. And though he is departing eBay, Donahoe will become Chairman of the PayPal board of directors.

The full post is available on the eBay Inc blog.

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Ina Steiner

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. Send news tips to ina@ecommercebytes.com.


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