eBay Inc (EBAY) Welcomes New Team Members On Board As It Prepares For The Split With PayPal
eBay Inc (NASDAQ:EBAY) is shaking up its management team ahead of the PayPal spinoff. The company tapped three executives who are bringing key expertise and experience in various areas where eBay needs to succeed. The company will focus on its marketplace business after parting ways with PayPal, a rapidly growing online payment service. eBay is also working on a plan that will ensure that PayPal stays out of marketplace business to avoid giving it direct competition in the space.
The planned spinoff of PayPal is fast approaching and eBay is busy trying to put its house in order. The company’s new executive additions are Harry “Hal” Lawton, Marie Oh Huber and Scott Culter.
Profile of the new executive members
Lawton was until recently SVP of merchandising at Home Depot Inc (NYSE:HD). He will take over as chief of eBay’s North American business, a market that eBay is struggling to wrestle from archrival Amazon.com, Inc. (NASDAQ:AMZN).
Huber is joining eBay Inc (NASDAQ:EBAY) as General Counsel, having recently held a similar position at Agilent Technologies Inc (NASDAQ:A). At eBay, Huber will take over from Michael Jacobsen, who is stepping down after the separation of PayPal.
Cutler was until recently EVP at the New York Stock Exchange, leading the company’s global listings operations. At eBay Inc (NASDAQ:EBAY), he will take over as chief of StubHub, a ticket marketplace.
The unveiling of the three new executives follows a recent move by eBay to reorganize its board, adding two new directors and saying some existing board members will not seek re-election in this year’s annual meeting. The company tapped Gail McGovern, CEO of American Red Cross and Tony Bates, the president of GoPro Inc (NASDAQ:GPRO) as its new board members. The board of eBay is expected to have 15 members following the May 1 annual meeting.
Plan to guarantee PayPal revenue
eBay Inc (NASDAQ:EBAY) is working on plan that will guarantee PayPal five years of consistent revenue, but will also keep the online payment services company out of marketplace business unless it is acquired by a rival company. After the separation of PayPal, eBay expects to general annual revenues of $9 billion.
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