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eBay has yet to sell its turnaround to investors

FORTUNE — It wasn't the way any CEO wanted to start of a new year. eBay chief John Donahoe learned that Scott Thompson, the head of the company's fast-growing PayPal unit, was leaving to become Yahoo's new CEO. eBay's stock dropped 4% on the news, and investors worried that the loss could take the wind out of a turnaround that, after years of work, was finally beginning to gain traction.

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