GoKawiilEnrique Lores, then-CEO of Hewlett-Packard speaks on CNBC outside the World Economic Forum in Davos, Switzerland on Jan. 22, 2025.
PayPal CEO Enrique Lores has this week told managers that he is reorganizing the firm's reporting lines to separate Venmo, the popular mobile payments app, from the company's other operations, CNBC has learned exclusively.
Venmo will soon be its own standalone segment within PayPal, making it easier to track its progress or potentially sell the business to another company, said people with knowledge of the changes.
PayPal is looking to recruit a digital banking executive to run the new Venmo segment, said the people, who asked not to be named because they weren't authorized to speak publicly
The other two segments will be a PayPal-branded business for merchants and consumers and a payment services unit that includes its Braintree unit and crypto operations, the people said.
Lores, who spent six years as CEO of computer maker HP before stepping in as PayPal CEO in March, is betting that a sharper corporate structure can reignite growth at a company that has lost ground to Apple , Google and Stripe in the battle over e-commerce transactions. Lores replaced Alex Chriss, a former Intuit executive who struggled to revive a stock that had fallen roughly 80% from its pandemic-era peak.