EBay Inc. said on Thursday the head of its PayPal unit will leave the Web auctioneer in a surprise shake-up that closely follows Google Inc.’s (GOOG.O: Quote, Profile, Research) unveiling of a rival payment service.
Shares in eBay (EBAY.O: Quote, Profile, Research) fell more than 5 percent to their lowest since 2003 on the departure of Jeff Jordan, 47, once seen as a potential successor to Chief Executive Meg Whitman.
Investors worry about mounting challenges to eBay as Google Checkout takes aim at the same merchants PayPal targets.
“It seems like no matter where you look, there are uncertainties,” said Standard & Poor’s analyst Scott Kessler.
Jordan, who led eBay North America until 2004 after joining in 1999, will leave in the autumn after running PayPal for nearly two years.