8-KLeadership Changes

PayPal Holdings, Inc. 8-K Report, Executive Changes (Feb 8, 2016)

Filed February 8, 2016For Securities:PYPL

Summary

This 8-K filing from PayPal Holdings, Inc. (PYPL) announces a significant leadership change within its technology and payment services divisions. James Barrese, the Senior Vice President, Payment Services and Chief Technology Officer, is set to resign from his executive role, effective April 1, 2016. While Mr. Barrese will remain with the company for a transition period, his departure marks a shift in the company's senior technology leadership. In response to Mr. Barrese's resignation, PayPal has appointed Sri Shivananda as the new Senior Vice President and Chief Technology Officer. Mr. Shivananda brings extensive experience in platform and infrastructure from his previous roles at eBay, a company he was with until PayPal's separation in 2015. Additionally, William Ready, currently overseeing Global Product and Engineering, will assume responsibility for the payment services functions previously managed by Mr. Barrese. These changes are effective April 1, 2016.

Key Highlights

  • 1James Barrese resigns as SVP, Payment Services and Chief Technology Officer, effective April 1, 2016.
  • 2Mr. Barrese will remain with PayPal for a transition period after his resignation.
  • 3Sri Shivananda appointed as the new SVP and Chief Technology Officer, effective April 1, 2016.
  • 4Sri Shivananda has prior experience as VP, Global Platform & Infrastructure at eBay.
  • 5William Ready will assume leadership of payment services functions in addition to his current role.
  • 6These leadership changes are effective as of April 1, 2016.

Frequently Asked Questions

The filing does not state a specific reason for James Barrese's resignation. It only announces his departure from the executive positions of Senior Vice President, Payment Services and Chief Technology Officer.

Sri Shivananda has been appointed as the new Senior Vice President and Chief Technology Officer, effective April 1, 2016.

No, the filing indicates that Mr. Barrese will continue as an employee for a brief transition period after his resignation from his executive roles.

William Ready, Senior Vice President, Global Head of Product and Engineering, will take on leadership of the payment services functions in addition to his existing responsibilities.