Marc Andreessen will step down from eBay’s board of directors Monday in the wake of the board’s approval to spinoff the company’s PayPal unit.
Andreessen, founder of venture capital firm Andreessen Horowitz, said now is the right time for him to step down and called his time as part of Ebay’s leadership “an absolute privilege.” He has served on the board for six years alongside other members including eBay founder Pierre Omidyar and Ford Executive Chairman William C. Ford.
The venture capitalist initially took to Twitter to announce his resignation in a series of public tweets.
Ebay CEO John Donahoe followed up shortly there after with a release confirming Andreessen’s exit and commending his leadership.
“He has provided invaluable support to me, the board and the entire company,” Donahoe said.
Last month, the board voted in favor of spinning off its PayPal business, which will launch as a separate, publicly traded company in the second half of 2015. Ebay (EBAY) had come under pressure earlier in the year from activist investor Carl Ichan to make the move, which Ichan said would build more value by focusing the companies in their core competencies.