PayPal’s Power Promotions

PayPal is in a state of unrest as it announces shuffling and promotions among the executives at PayPal. Since splitting off from eBay in 2015, PayPal has pursued its goal to become a universally accepted method of payment including striking deals with Visa Inc. and MasterCard Inc. The latest news from PayPal includes the promotion of William J. Ready to the position of Operating Chief, according to The Wall Street Journal.

Ready, who is 37, has previously headed Braintree and Venmo. Since January, he has been global product and engineering chief for Paypal. In 2013, PayPal acquired Braintree, including Venmo, for $800 million, and Ready as existing CEO of Braintree became an employee of PayPal.

Ready is not the only change in personnel. PayPay also announced other promotions such as Gary Marino, who will be EVP, Chief Commercial Officer responsible for sales, marketing and credit, and Louise Pentland, who will be EVP and Chief Business Affairs and Legal Officer. John Rainey, PayPal’s Chief Financial Officer, is to become EVP, and Jonathan Auerbach will become EVP and will continue to be PayPal’s Chief Strategy and Growth Officer. Tomer Barel will become EVP, continuing as Chief Risk and Data Officer, with Franz Paasche to be SVP, Corporate Affairs and Communications.

In September, PayPal Canada hired Paul Parisi to succeed Cameron Schmidt, who had resigned as General Manager.

Since splitting from eBay, PayPal has competed with payment options such as Apple Pay and Stripe. The company’s stock price fell by 9 percent after the Visa deal in July, but the price rose 0.3 percent after the announcement of the partnership with MasterCard.