????eBay首席執(zhí)行官約翰?多納霍曾經(jīng)對(duì)《財(cái)富》（Fortune）表示公司不會(huì)拆分PayPal,。七個(gè)月后的今天,，他發(fā)表了不同的言論。

????近日,，eBay宣布了將在線支付業(yè)務(wù)PayPal拆分成一個(gè)獨(dú)立公開上市公司的計(jì)劃,。根據(jù)eBay的說法，此舉將幫助雙方把握新的機(jī)遇,，在競(jìng)爭(zhēng)激烈的市場(chǎng)中繼續(xù)發(fā)展,。

????在活躍投資家卡爾?伊坎發(fā)起公開運(yùn)動(dòng)號(hào)召拆分PayPal后的幾個(gè)月，此舉終于變成了現(xiàn)實(shí),。伊坎擁有eBay 3,080萬股份,，預(yù)計(jì)這個(gè)消息將使他凈入1.8億美元。伊坎曾表示,，如果PayPal能脫離母公司獨(dú)立出來,，將會(huì)發(fā)展得更快，價(jià)值也會(huì)更高,。（多納霍則在今年3月稱eBay和PayPal在一起才更強(qiáng)大,。）

????但在接受《財(cái)富》采訪時(shí)，多納霍表示,，今年早些時(shí)候的代理權(quán)之爭(zhēng)不會(huì)影響到eBay的董事會(huì),。在6月的戰(zhàn)略回顧會(huì)議上，董事會(huì)表示了退讓,，改變了立場(chǎng)，證實(shí)兩大業(yè)務(wù)拆伙可能將對(duì)彼此都更為有利,。

????多納霍表示：“隨著時(shí)間的延續(xù),，有助于推動(dòng)（PayPal發(fā)展）的協(xié)同效應(yīng)正在不斷遞減?！?/p>

????盡管eBay的在線商城,，也就是公司的核心業(yè)務(wù)，為PayPal的年收入貢獻(xiàn)了超過30%的份額,，但多納霍預(yù)計(jì)這一數(shù)值將會(huì)在三年內(nèi)降至15%,。eBay去年的業(yè)務(wù)收入99億美元，超過了PayPal的72億美元,，但PayPal 的增長(zhǎng)率為19%,，超過了eBay的10%。有鑒于此,，多納霍表示,，PayPal已經(jīng)達(dá)到了足夠的規(guī)模，不再需要母公司的羈絆了,。

????多納霍表示：“這是一個(gè)十分重要的決策,。由于一些公司外的風(fēng)波,，我們不準(zhǔn)備被動(dòng)地推動(dòng)這一進(jìn)程?！彼傅氖墙衲暝缧r(shí)候與伊坎的代理權(quán)之爭(zhēng),。“無論是過去還是未來,，我一直努力做正確的事情,，為eBay做正確的事情，為eBay的長(zhǎng)期發(fā)展找到合適的定位,?！?/p>

????業(yè)務(wù)拆分預(yù)計(jì)將于2015年下半年完成，隨后多納霍將會(huì)離開首席執(zhí)行官的崗位,。目前負(fù)責(zé)eBay在線商城的德文?維尼格將成為eBay獨(dú)立后的首席執(zhí)行官,，而前美國(guó)運(yùn)通（American Express）的高管丹尼爾?舒爾曼將執(zhí)掌PayPal。

????無論如何,，伊坎對(duì)這個(gè)消息十分滿意,。在一份聲明中，他表示eBay的董事會(huì)和管理層“在考慮拆分問題時(shí)表現(xiàn)出了負(fù)責(zé)任的態(tài)度——也許他們的動(dòng)作本來應(yīng)該更快一些,，但這也好于我們的預(yù)期了,。”

????加拿大皇家銀行資本市場(chǎng)（RBC Capital Markets）的總經(jīng)理兼分析師馬克?馬哈尼在報(bào)告中表示：“這是一個(gè)積極的舉措,，拆分行動(dòng)將釋放更多價(jià)值,。”但麥格理資本（Macquarie Capital）的分析師本?沙赫特認(rèn)為,，拆分在幫助eBay和PayPal應(yīng)對(duì)日益激烈的競(jìng)爭(zhēng)帶來的挑戰(zhàn)上,，帶來不了什么幫助。

????eBay需要與亞馬遜（Amazon）以及一系列其他網(wǎng)絡(luò)和實(shí)體零售商展開競(jìng)爭(zhēng),。與此同時(shí),，PayPal也面臨著來自Square、Stripe和Pay——后者是蘋果（Apple）新的支付服務(wù)——等后起之秀的壓力,。

????但沙赫特也表示,，拆分以后，兩個(gè)獨(dú)立的公司能夠更容易地進(jìn)行并購(gòu)和尋找合作伙伴,。

????當(dāng)多納霍明年卸任時(shí),，他就已經(jīng)在eBay干滿10年了。2005年,，多納霍受到當(dāng)時(shí)的首席執(zhí)行官和之前在貝恩咨詢公司（Bain & Company）的同事梅格?惠德曼的招攬,，加入了eBay，負(fù)責(zé)運(yùn)營(yíng)在線商城,，并最終接替她擔(dān)任首席執(zhí)行官,。多納霍雄心勃勃的重整計(jì)劃——包括將商城的重點(diǎn)從拍賣轉(zhuǎn)向定價(jià)商品——取得了很大的成功,。自他六年前擔(dān)任首席執(zhí)行官至今，eBay的股價(jià)翻了一倍以上,，達(dá)到現(xiàn)在的57美元,。

????多納霍在首席執(zhí)行官的職位上還有一年的任期，他主動(dòng)提出要在明年擔(dān)任eBay和PayPal的董事會(huì)成員,，盡管他是否會(huì)這樣做仍待商榷,。他認(rèn)為，這次任期給了他一個(gè)“美妙而巨大的學(xué)習(xí)機(jī)會(huì)”,，但他也強(qiáng)調(diào)還有更多的工作需要去做,。他補(bǔ)充道：“我還沒到向后看的時(shí)候，我正在向前看,?！保ㄘ?cái)富中文網(wǎng)）

????譯者：嚴(yán)匡正

????Seven months after making the case against spinning off PayPal to Fortune, eBay CEO John Donahoe is singing a different tune.

????On Tuesday, eBay announced plans to spin-off online payments service PayPal into a separate, publicly traded company. Doing so, according to eBay, will help both businesses take advantage of new opportunities to grow in challenging markets.

????The move comes months after activist investor Carl Icahn waged a public campaign for a PayPal spin-off. Icahn, who owns 30.8 million shares of eBay and is expected to make $180 million from today’s news, argued PayPal would grow faster and therefore be more valuable if cleaved from its parent company. (In March, Donahoe made the case that eBay and PayPal were stronger businesses together.)

????But in an interview with Fortune on Tuesday, Donahoe, said the proxy fight earlier this year did not sway eBay’s board. Rather, the about-face came after a strategic review during a June board retreat that showed the split would benefit both companies.

????“The synergies which helped fuel [PayPal's growth] are declining over time,” Donahoe said.

????While eBay’s marketplace, the company’s core business, accounts for over 30% of PayPal’s annual revenues, Donahoe predicted that figure will dwindle to just 15% within three years. And while the marketplaces $9.9 billion in revenues last year eclipsed PayPal’s $7.2 billion, PayPal’s 19% annual revenue growth outpaced Marketplaces’ 10%. Because of that, Donahoe said PayPal has reached a size and scale where it is no longer in need of being tethered to its sister division.

????“This was a very important decision, and we were not going to make it in a reactive way based on some external event,” said Donahoe, referring to the proxy fight earlier this year with Icahn. “What I have always tried to do and will always try to do is to do the right thing, to do the right thing for eBay and position eBay for the long-term.”

????Donahoe will step down from his CEO role after the spin-off is complete, which is expected in the second half of 2015. Devin Wenig, who is currently in charge of eBay’s online marketplace, will become CEO of the newly independent eBay while American Express executive Daniel Schulman is taking the helm at PayPal.

????Icahn is pleased with today’s news, regardless. In a statement, he said eBay’s board and management “have acted responsibly concerning the separation — perhaps a little later than they should have but earlier than we expected.”

????“This is a positive, and the spin-off unlocks value,” Mark Mahaney, managing director and analyst for RBC Capital Markets, wrote in a report on Tuesday. But Ben Schachter, a Macquarie Capital analyst, argued the separate does little to address the challenges eBay and PayPal face vis-a-vis increasing competition.

????EBay EBAY -1.08% competes with Amazon and an array of other online and bricks and mortar retailers. Meanwhile, PayPal faces off against upstarts like Square, Stripe and Apple’s new payment service, Pay.

????Schachter did say that the split-up does make it easier for the separate companies to make acquisitions and sign up partners.

????When Donahoe steps down next year, he will have spent 10 years at eBay. Donahoe arrived in 2005, wooed by then-CEO and ex-Bain & Company colleague Meg Whitman to run the online marketplaces and eventually succeed her. Donahoe’s ambitious turnaround plan — a strategy that included changing marketplaces’s focus from auctions to fixed-priced items — has proven largely successful. EBay’s shares have more than doubled to $57 since he became CEO more than 6 years ago.

????Donahoe, who still has another year left as CEO, has offered to serve on eBay and PayPal’s boards next year, although whether he does so is up for debate. And while he called his leadership stint a wonderful, enormous learning opportunity,” he emphasized there was more work to be done. Added Donahoe: “I’m not looking backward yet. I’m looking forward.”