The companies will separate and become two separate entities in 2015.
eBay has announced plans to separate itself into two distinct companies, eBay Inc. and PayPal.
The move is set to occur in the second half of 2015.
On Tuesday morning, eBay's board announced that they believed the separation of the two entities was the best path for growth and maximizing shareholder value creation for each business.
AFP / Getty Images JOSEP LAGO
President and CEO John Donahoe said: "A thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 clearly becomes less advantageous to each business strategically and competitively. The industry landscape is changing, and each business faces different competitive opportunities and challenges."
He added: "eBay and PayPal will be sharper and stronger, and more focused and competitive as leading, standalone companies in their respective markets."
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