Dive Brief:
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Dan Schulman, formerly at American Express, will become PayPal CEO, and Devin Wenig, president of eBay’s marketplace division, will be eBay CEO after the two units split up later this year. Tuesday the companies said each will get compensation packages of $14 million.
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EBay already paid Schulman $38 million, in part to recompense him for compensation he forfeited by leaving American Express.
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EBay CEO John Donahoe in 2014 received a package totaling $14.1 million, up from $13.8 million in 2013.
Dive Insight:
As drawn out as the eBay-PayPal split has been, with initial resistance to the idea lasting quite a while, that really is not the hard part. PayPal and eBay each have a lot of work to do once they split. The payments and marketplace sectors are changing rapidly, and in many ways these two units, which led things for so long, have fallen a bit behind.
Schulman and Wenig each have their work cut out for them and they’ll be watched closely. These hefty packages are in part a sign of the high stakes and expectations for the two.
