PayPal is restructuring its business into three divisions and appointing new leaders across key growth areas.
The company will move to an operating model focused on Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto.
Checkout Solutions & PayPal will bring together the company’s consumer and merchant ecosystems under one strategy.
Consumer Financial Services & Venmo will focus on expanding Venmo into a broader consumer financial services platform.
The Payment Services & Crypto division will combine PayPal’s processing and platform capabilities, including Braintree, small business processing, value-added services and crypto offerings such as PYUSD.
PayPal also announced several leadership changes amid the restructuring.
Frank Keller has been appointed President of Checkout Solutions & PayPal, while Alexis Sowa will serve as interim lead for Consumer Financial Services & Venmo.
Jeff Pomeroy has been appointed interim lead for Payment Services & Crypto.
Antonio Lucio will join PayPal as Chief Marketing & Corporate Affairs Officer, while Anshu Bhardwaj has been appointed Chief AI Transformation & Simplification Officer.
Enrique Lores, President and CEO of PayPal, said,
“To accelerate growth and unlock our full potential, we need to recommit to our fundamentals—getting much closer to the consumer, aligning the company around three strong businesses, simplifying how we work, sharpening accountability, and prioritising operational excellence.
By aligning our structure with our strategy in this simplified approach, we will be better equipped to drive sustainable growth and value creation for PayPal, our customers, and our shareholders.”
Diego Scotti, EVP and General Manager of PayPal’s Consumer Group, will leave the company.
PayPal credited him with helping to accelerate Venmo’s growth and monetisation, as well as supporting the launch of PayPal Everywhere, PayPal+ and PayPal Ads.
Michelle Gill, EVP and General Manager of the Small Business & Financial Services Group, will also depart.
PayPal noted her work in strengthening its small business and financial services capabilities, expanding buy now, pay later (BNPL) options and supporting its move into AI-driven payment experiences.
The company will share more details on the new operating model during its earnings call on 5 May.
Featured image: Edited by Fintech News Singapore, based on image by agilimam107 via Magnific
