PayPal Holdings, Inc (NASDAQ:PYPL) has appointed Srini Venkatesan of Walmart Inc (NYSE:WMT) as its new Chief Technology Officer (CTO), effective June 24.
Venkatesan will report to PayPal President and CEO Alex Chriss and oversee technology development and implementation across the PayPal ecosystem, including analytics, data science, artificial intelligence (AI), machine learning, information security, infrastructure operations, and product engineering.
In Walmart, Venkatesan led the U.S. Omni Platforms and Tech organization. His prior experience includes overseeing Yahoo's display and video ad technology platform and leading product and technology teams at eBay Inc (NASDAQ:EBAY).
Also Read: PayPal's Fastlane: A $250M Game-Changer In E-commerce Checkout
Archie Deskus, PayPal's current CTO, has decided to leave the company. Under Deskus' leadership, PayPal has made significant strides in operating as a platform company, strengthening its technology team, processes, and systems.
Analysts upgraded PayPal's stock rating, citing the Fastlane product adding $1 billion—$1.5 billion in transaction margin dollars. They cited Fastlane's ultimate TAM worth $3 trillion.
PayPal Holdings stock lost over 14% in the last 12 months. Investors can gain exposure to the stock via Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) and SPDR S&P 500 (NYSE:SPY).
Also See: Apple & Mastercard's Move Have Raised The Competition For PayPal: BofA Analyst
Price Action: PYPL shares traded lower by 0.08% at $59.07 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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