DHAKA: Ebay has just announced that it's to split PayPal off as an independent, publicly traded company in 2015.

The separation—which will see PayPal spun off, tax-free, naturally—means that Ebay's e-commerce business will be distinct from its PayPal payments unit. Devin Wenig, president of eBay Marketplaces, will become CEO of the new eBay, while American Express executive Dan Schulman has just joined PayPal as President and CEO.

Gizmodo.com published the news on Tuesday.

The split is due to take place in the second half of 2015. Anyone with shares in Ebay will get one share of each company for each share they currently hold.

BDST: 1919 HRS, SEP 30, 2014