Summary by Moomoo AI
PayPal announced that John Donahoe has resigned as Board Chair and director effective July 23, 2024, after serving as Chair since the company's independence in July 2015. The Board has appointed Enrique Lores, President and CEO of HP Inc., as the new Independent Board Chair. Lores has been serving on PayPal's Board since June 2021.The company also approved significant changes to its Executive Change in Control and Severance Plan on July 24, 2024. Key modifications include reducing cash severance payment multiples for non-change-in-control terminations, eliminating prorated cash bonuses for such terminations, and revising the Executive Long Term Incentive Program's benefits structure. The changes affect severance triggers, health benefits, and non-competition covenants.Donahoe's resignation is not related to any disagreements with PayPal's operations, policies, or practices. The Board has been reduced to eleven directors following his departure. The leadership transition comes as PayPal continues to strengthen its position in digital commerce under CEO Alex Chriss's direction.
