EBay Chief Executive John Donahoe will get an exit package worth an estimated $23 million after the company splits from payments unit PayPal next year.
Chief Financial Officer Bob Swan will get an exit package worth about $12 million. The figures could change depending on the performance of eBay’s share price.
That is good money considering that they do not really have to do much work to collect the cash other than just leave. After eBay announced its planned split with Paypal both of them said that they would be clearing out their offices.
To be fair, involvement with a much smaller company would be beneath them and EBay and Paypal would need CEO’s and accountants who were a little lower down the IT Industry food chain.
eBay spokeswoman Amanda Miller said in a statement that Donahoe’s transition package is closely tied to the performance of the company during the separation period and the company’s stock price at the time of separation
The terms were approved by eBay’s board on December 15. Other executives may also step down after the company splits its marketplace division from PayPal. Those other executives who leave will get benefits including a cash payment equivalent to 1.5 times their annual base salary, the filing said.
