Payment company PayPal announced a business reorganization. The management structure will be divided into three divisions, 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 PYUSD stablecoin. Jeff Pomero has been appointed as the interim head;
- Checkout Solutions & PayPal: This division will bring together services for consumers and merchants under the leadership of Frank Keller;
- Consumer Financial Services & Venmo: This division will focus on consumer financial services based on the Venmo app, with Alexis Sova as the interim head.
PayPal CEO Enrique Lores stated that the restructuring will simplify decision-making, enhance accountability, and accelerate the company's growth.
As a result of these changes, two top executives will depart: Diego Scotti, Executive Vice President of the Consumer Group, and Michelle Gill, head of the Small Business division.
They will be replaced by new leaders: Antonio Lucio has been appointed Chief Marketing Officer, and Anshu Bhardwaj will serve as Chief of AI Transformation.
The company will reveal details of the new operational model on May 5 during its financial reporting.
Recall that 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.