PayPal is splitting from EBay Inc. and will become a separate and publicly traded company next year.
The separation is expected to occur in the second half of 2015.
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EBay said Tuesday that its board decided that the separation was the best path for growth and shareholder value creation for each business.
Dan Schulman, the president of the enterprise growth group at American Express, will be the new president at PayPal, effective immediately. The 56-year-old will become PayPal's CEO once the separation takes place.