The new structure looks like this:
– Payment Services & Crypto: the division will combine platform solutions, processing and cryptocurrency services, including the PYUSD stablecoin. Jeff Pomeroy has been appointed interim head;
– Checkout Solutions & PayPal: the division will combine consumer and merchant services under the leadership of Frank Keller;
– Consumer Financial Services & Venmo: a consumer financial services platform based on the Venmo app. Alexis Sova became interim CEO.
PayPal CEO Enrique Lores said the restructuring will simplify decision-making, increase accountability and accelerate the company’s growth.
In connection with the changes, two top managers will leave the firm: executive vice president of the consumer group Diego Scotti and head of the small business division Michelle Gill.
They have been replaced by new executives: Antonio Lucio has been appointed chief marketing officer and Anshu Bhardwaj has been appointed director of AI transformation.
The company will disclose details of the new operating model on May 5 – during the publication of its financial statements.
