eBay promoted three top executives on Thursday.

Jeff Jordan, formerly Senior Vice President, eBay North America, has been named President of PayPal. Jordan joined eBay in 1999.

Replacing Jordan is Bill Cobb, formerly Senior Vice President of eBay International, who assumes the role of President, eBay North America. Cobb has been with eBay for four years.

Cobb is replaced by Matt Bannick, Senior Vice President of Global Online Payments, responsible for PayPal. A 6-year veteran of eBay, Bannick has been named President of eBay International.

All three executives were promoted from Senior Vice President roles to President, and they will continue to report to Meg Whitman, eBay's President and CEO. The company said the changes will broaden the leadership experience of eBay's top managers while spreading expertise throughout eBay's global organization.

Motivation for the moves includes grooming a potential chief-executive successor, according to the Wall Street Journal, calling eBay's management team "one of the most stable" in the Internet industry.

Maynard Webb, eBay's Chief Operating Officer, and Rajiv Dutta, eBay's Chief Financial Officer, will continue in their current roles, reporting to Whitman.