PayPal president Thompson quits for Yahoo

PayPal president Thompson quits for Yahoo

Following Scott Thompson's defection to Yahoo, John Donahoe, CEO of parent company eBay, has stepped in as interim president of PayPal.

Thompson, who has been in charge of PayPal since 2008 following a stint as chief technology officer, was appointed CEO of Yahoo today, replacing Carol Bartz, who was fired in September.

In a note to PayPal staff, posted on the eBay blog, Donahoe reveals that Thompson informed him of his decision to quit yesterday afternoon and admits "I'm sure Scott's decision is a shock to many of you, as it was to me".

Says the eBay boss: "I will serve in the interim role as President and will be meeting with the PayPal leadership team this morning to plan a seamless transition."

Shares in eBay are down nearly four per cent in morning trading.

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