US: eBay plans to spin off PayPal

EBay was separating from its payments arm, PayPal, in a move that would create two independent companies next year, subject to customary conditions, the biggest online marketplace said yesterday. This was the best way to create sustainable shareholder value, the company said. Devin Wenig, the president of eBay Marketplaces, would become the chief executive of the new eBay company. Dan Schulman would join from American Express and would be president of PayPal, effective immediately, and chief executive of the new company. Stock in eBay has fallen 4 percent this year. – Bloomberg