Payment company PayPal announced a business reorganization. The management structure will be divided into three areas, one of which will focus on digital assets.
The new structure is as follows:
- Payment Services & Crypto: this division will combine platform solutions, processing, and cryptocurrency services, including the stablecoin PYUSD. Jeff Pomeroy has been appointed as the interim head;
- Checkout Solutions & PayPal: this area will unite services for consumers and merchants under the leadership of Frank Keller;
- Consumer Financial Services & Venmo: a consumer financial services platform based on the Venmo app. Alexis Sowa has been appointed as the interim head.
PayPal CEO Enrique Lores noted that the restructuring will simplify decision-making, increase accountability, and accelerate the company’s growth.
Due to the changes, two top executives will leave the firm: Executive Vice President of the Consumer Group Diego Scotti and Head of the Small Business Division Michelle Gill.
New leaders have been appointed in their place: Antonio Lucio as Chief Marketing Officer and Anshu Bhardwaj as Director of AI Transformation.
The company will reveal details of the new operating model on May 5, during the release of its financial report.
In February, PayPal, MoonPay, and M0 announced the PYUSDx product, which will allow developers to issue their own stablecoins based on PYUSD for specific ecosystems and applications.