The businessman is confident Donahoe will do right by the company during next year's split from PayPal

Oct 20, 2014 12:20 GMT  ·  By

Marc Andreessen, one of the pioneers of web browsers, has decided to resign from its position on the board of directors of eBay. He believes that now is the right time for him to make this move since eBay is preparing to separate itself from PayPal, the payment service.

The co-founder of Netscape and a board member of several other companies, including HP, says he has the complete confidence that John Donahoe, eBay chief executive officer, has the ability to successfully split the company.

Andreessen has served on eBay’s board of directors for the past six years, after joining back in September 2008.

“It’s been an absolute privilege to serve with John [Donahoe], Pierre [Omidyar], and team, and I could not be more proud of what we’ve accomplished,” Andreessen mentions. He says he has all the confidence that the entire process of 2015 will be successful and that even though he’s stepping down, he’ll be looking closely at what’s going to happen.

“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,” says John Donahoe, president and CEO of eBay.

2015, the year of the split

eBay has announced its intention to split from PayPal not too long ago, both of which are to be listed on the stock market. The company’s board of directors has conducted a strategic review of the company’s growth strategies and the structure and has approved a plan to separate the two businesses.

They consider that creating two standalone businesses will be the best move for both companies, allowing them to capitalize on it since they have different growth opportunities. Therefore, the two won’t be dragging each other down.

“eBay and PayPal are two great businesses with leading global positions in commerce and payments. For more than a decade, eBay and PayPal have mutually benefitted from being part of the one company, creating substantial shareholder value,” Donahoe said at the time.

Following the split, they believe that both companies will be sharper and stronger, as well as more focused and competitive. This will also help create more flexibility to pursue some new partnerships and markets.

The separation will begin next year, but no clear timeline has been provided. Devin Wenig, current president of eBay Marketplaces, will become CEO of the new eBay, while Dan Schulman, former president of the Enterprise Growth Group within American Express will be joining PayPal as president.