By Greg Bensinger
EBay Inc. payments unit PayPal said Thursday that it plans to
trade on the Nasdaq Stock Market when the two companies split later
this year.
PayPal said it would use the ticket symbol "PYPL," which is the
same symbol that the San Jose, Calif., company had before being
acquired by eBay in 2002 for about $1.5 billion.
EBay and PayPal plan to split into separate publicly traded
companies sometime in the third quarter.
Separately, eBay said it had determined which directors would be
assigned to which company following the split. The San Jose,
Calif., company didn't detail how it chose to divvy up the
directors.
On the eBay side will be Fred Anderson, Edward Barnholt,
Kathleen Mitic, Anthony Bates, Bonnie Hammer, Perry Traquina,
current finance chief Bob Swan and incoming chief executive Devin
Wenig, with Thomas Tierney serving as chairman.
PayPal will be helmed by Scott Cook, Jonathan Christodoro, David
Dorman, David Moffett, Frank Yeary and incoming CEO Dan Schulman,
with current eBay CEO John Donahoe as chairman. American Red Cross
CEO Gail McGovern is the lone woman on the company's board.
EBay founder Pierre Omidyar will serve on both boards.
Last month, the companies disclosed an operating agreement that
will keep them closely aligned for at least five years, including a
requirement that 80% of gross merchandise sales on eBay.com still
flow through PayPal.
Write to Greg Bensinger at greg.bensinger@wsj.com
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