Overview
- PayPal said Wednesday it will run Venmo as its own segment and reorganize the rest of the company into two additional units.
- The other units will combine the PayPal-branded consumer and merchant business and a payments services arm that includes Braintree and crypto operations.
- The carve-out makes Venmo’s results easier to see and could ease a sale process if the company chooses to explore one, according to CNBC.
- PayPal named Frank Keller to lead Checkout Solutions & PayPal, tapped Alexis Sowa to run Consumer Financial Services & Venmo on an interim basis, and installed Jeff Pomeroy as interim head of Payment Services & Crypto.
- The company confirmed the exits of Diego Scotti and Michelle Gill, shares rose about 2% to 3% after the reports, and more details are slated for the May 5 earnings call.