Seasoned Payments and Technology Leader Joins PayPal as President;
Will Become CEO of PayPal Following Planned Separation of Business into
Independent, Publicly Traded Company in Second Half 2015
SAN JOSE, Calif.--(BUSINESS WIRE)--
eBay Inc. (Nasdaq:EBAY) today announced Dan Schulman is joining the
company as the new President of PayPal, effective immediately. Schulman
will become Chief Executive Officer of PayPal following the planned
separation of the business into an independent, publicly traded company
in the second half of 2015, which also was announced by eBay Inc. today.
The company announced separately today that its board of directors,
following a strategic review, has approved a plan to separate eBay and
PayPal into independent, publicly traded companies. The separation is
expected to be completed in the second half of 2015. The board
determined that separation is the best path for growth and shareholder
value creation for each business.
With 152 million active digital wallets, PayPal securely connects people
worldwide to their money with technology they love, enabling them to
easily make payments online, on mobile devices and in their favorite
stores. PayPal is available in 203 markets worldwide and is on track to
process 1 billion mobile payments this year alone. Over the past twelve
months1, PayPal has processed $203 billion in total payment
volume for its customers.
Schulman, 56, brings with him nearly 30 years of senior leadership
experience at global, consumer-centric brands, with an emphasis on both
payments and mobile technology. His focus on driving customer adoption
of digital payments and mobile technology is ideal for the future of
PayPal as it navigates a rapidly evolving industry landscape and focuses
on engaging consumers, partnering with merchants and innovating in
Since 2010, Schulman served as President of American Express' Enterprise
Growth Group and led the company's global strategy to expand its
alternative mobile and online payment services. Under his leadership,
American Express successfully launched its next-generation digital
payments platform, developed non-traditional sources of revenue and
introduced a suite of payment products to expand the company's
demographic and geographic reach.
"Dan's impressive track record of growing consumer brands and his
experience in payments and mobile technology make him a natural fit for
PayPal today," said eBay Inc. President and CEO John Donahoe. "He brings
both dynamic leadership and vision as the company accelerates into the
"I am thrilled to join an incredible PayPal team and lead this
innovative business forward, making money work better for people around
the world," Schulman said. "PayPal redefined and continues to
dramatically change and improve how people pay and get paid, and the
opportunities ahead can be even more transformative and meaningful."
Prior to joining American Express, Schulman served as President of the
Prepaid Group at Sprint Nextel Corporation following its acquisition of
Virgin Mobile USA, Inc., where he led the company as its founding CEO.
During his eight years at Virgin Mobile USA, he developed the company
from its earliest stages as one of the first U.S. prepaid cell phone
providers to a dynamic public company when acquired by Sprint Nextel in
2009 for a total value of $688 million.
Earlier in his career, Schulman was President and CEO of Priceline
Group, Inc. He also spent 18 years at AT&T, where he served in a series
of positions of increasing responsibility, including as President of the
Consumer Markets Division.
Schulman earned a Bachelor's degree from Middlebury College and an
M.B.A. from New York University's Leonard N. Stern School of Business.
He serves on the Boards of Flextronics, International Ltd. and Symantec
Corporation, where he is Non-Executive Chairman of the Board, and is on
the board of Autism Speaks.
About eBay Inc.
eBay Inc. (NASDAQ:EBAY) is a global commerce and payments leader,
providing a robust platform where merchants of all sizes can compete and
win. Founded in 1995 in San Jose, Calif., eBay Inc. connects millions of
buyers and sellers and enabled $205 billion* of commerce volume in 2013.
We do so through eBay, one of the world's largest online marketplaces,
which allows users to buy and sell in nearly every country on earth;
through PayPal, which enables individuals and businesses to securely,
easily and quickly send and receive digital payments; and through eBay
Enterprise, which enables omnichannel commerce, multichannel retailing
and digital marketing for global enterprises in the U.S. and
internationally. We also reach millions through specialized marketplaces
such as StubHub, the world's largest ticket marketplace, and eBay
classifieds sites, which together have a presence in more than 1,000
cities around the world. For more information about the company and its
global portfolio of online brands, visit www.ebayinc.com.
1 Last four public quarters
Amanda Coffee, 408-221-1984
Source: eBay Inc.
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