EBay CEO’s Exit Payoff: $23M

EBay CEO John Donahoe will collect an estimated $23 million when he leaves the company after it spins off its PayPal payments unit next year, Reuters reported.

CFO Bob Swan will get an exit package worth about $12 million at the same time. Both Donahoe and Swan said in September, when eBay announced its planned split with PayPal, that they will step down from their current roles at eBay.

The figures for the exit packages could change, depending on the performance of eBay’s share price during the time leading up to the split. The separation agreements were highlighted in a securities filing last week.

“John’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,” eBay spokeswoman Amanda Miller said in a prepared statement.

The separation terms were approved by eBay’s board on Dec. 15. Other executives are also expected to leave after the company splits its marketplace division from PayPal. Those executives who leave will get benefits including a cash payment equivalent to 1.5 times their annual base salary, the filing said.