Summary
PayPal Holdings, Inc. has filed an 8-K report on August 7, 2023, to announce the departure of Jonathan Auerbach, Executive Vice President, Chief Strategy, Growth and Data Officer. Mr. Auerbach will transition out of his role on December 31, 2023, and will remain with the company as an advisor until June 1, 2024. The company emphasizes that this departure is not due to any dispute or disagreement, and Mr. Auerbach's compensation will remain unchanged during his advisory period. This filing details the terms of Mr. Auerbach's separation agreement, which aligns with the company's existing Executive Change in Control and Severance Plan. The agreement provides for severance pay, health benefits, specific equity award treatment, and outplacement services, all consistent with a 'Qualifying Termination' as defined in the plan. Investors should note that the departure of a key strategy executive could signal potential shifts in strategic direction, although the company has not indicated any such changes.
Key Highlights
- 1Jonathan Auerbach, EVP, Chief Strategy, Growth and Data Officer, will depart the company on June 1, 2024.
- 2Mr. Auerbach will cease his executive role on December 31, 2023.
- 3He will serve as an advisor to the company until his departure date.
- 4The departure is stated to be without dispute or disagreement.
- 5Mr. Auerbach's compensation will remain unchanged during his advisory period.
- 6The separation terms are in line with PayPal's Executive Change in Control and Severance Plan, qualifying as a 'Qualifying Termination'.
- 7The separation agreement includes severance pay, health benefits, equity award treatment, and outplacement services.