Marc Andreessen announced he is resigning from eBay's board of directors as the company prepares to split into two separate entities: eBay and PayPal.
Andreessen has been on the board for six years. He joined in September of 2008. He said that now is the right time to step down with the split-up on the way.
eBay President and CEO John Donahoe said: “Marc has been an extraordinary board member, and we greatly appreciate the leadership, insight and expertise he has provided over the past six years. He has provided invaluable support to me, the board and the entire company.”
“It's been an absolute privilege to serve with John, Pierre, and team, and I could not be more proud of what we've accomplished,” Andreessen said. “I have complete confidence in John and the board to lead eBay and PayPal through the process of embarking on independent paths in 2015. I wish eBay, and both of its successor companies, all the best, and look forward to following the future of eBay and PayPal closely in the years to come.”
The board decided that splitting up eBay and PayPal would best position both units to "capitalize on their respective growth opportunities in the rapidly changing global commerce and payments landscape."
Donahoe and CFO Bob Swan will lead the separation of each business with oversight from the board. eBay’s new CEO will become Devin Wenig, who is currently president of eBay Marketplaces. Dan Schulman is PayPal's president, and is in charge of finding a CEO for the standalone company.
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