With effect from Monday, June 24, PayPal has named Srini Venkatesan, a former executive of Walmart’s U.S. Omni Platforms and Tech department, as its chief technology officer (CTO).
PayPal, CEO Alex Chriss, confirmed the appointment in a press release on Thursday.
According to the release, Venkatesan will now lead PayPal’s technological endeavours, taking care of everything from product engineering and information security to artificial intelligence (AI) and machine learning.
This action fits into CEO Alex Chriss’s larger plan, which has been to significantly incorporate AI into PayPal’s operations since his arrival in September.
Chriss had referred to 2024 as a “transition year” and pledged to increase revenue streams outside of transaction volume.
According to the release from the firm, Venkatesan will take over for Archie Deskus, PayPal’s current CTO, who has chosen to leave the company.
“After my extraordinary time at PayPal, I have made the decision to start a new chapter,” Deskus said in a Thursday post on LinkedIn.
Newsng gathered that under Walmart’s U.S. Omni Platforms and Tech organization, Venkatesan oversaw a workforce of 14,000 people tasked with developing platforms to support the retailer, including components of the Walmart+ subscription program.
“Srini is a seasoned technologist and leader with a successful track record of building and scaling technology organizations, from early-stage startups to the world’s largest retailer,” Chriss said.
“I’ve spent my career innovating to create new and improved ways for customers to discover, shop and buy the goods they want and need,” Venkatesan said in the release.
“I’m incredibly excited about joining PayPal and bringing together my experiences across tech and retail to personalize customers’ shopping experiences.”
Several executives have joined PayPal in the past few months, including Venkatesan.
Several other executives were appointed when PayPal split its operations into three new divisions, including Global Markets President Suzan Kereere, Chief Marketing Officer Geoff Seeley, Chief Enterprise Services Officer Aaron J. Webster, and Chief Corporate Affairs and Communications Officer Amy Bonitatibus.
We earlier reported that an Indonesian insurtech startup, Qoala, has announced securing $47 million in a new round co-led by PayPal Ventures and MassMutual Ventures.
