EBay will pay at least $35 million in exec severance

San Jose, Calif. – The New Year is looking very happy for EBay CEO John Donahoe and CFO Bob Swan. In a securities filing, EBay said that Donahoe will get a severance package worth $23 million and Swan will get a severance package worth $12 million when the company spins off its PayPal unit in 2015. Both men said they would leave their positions after the split occurs when EBay first announced the spinoff plan in September.



Other executives who decide to leave the company when the split occurs will receive a cash payment of 1.5 times their annual base salary as part of their severance deal. The EBay board approved the payments on Dec. 15.



"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," said EBay spokesperson Amanda Miller in a statement.