PYPL PayPal Holdings Inc

By Denny Jacob

PayPal Holdings Inc. said Tuesday it is appointing Blake Jorgensen chief financial officer, effective Wednesday.

The San Jose, Calif.-based payments company has been looking for a permanent CFO after John Rainey stepped down from the role at the end of May. Gabrielle Rabinovitch has served as interim CFO.

Mr. Jorgensen has served as CFO at Electronic Arts Inc., Levi Strauss & Co., and Yahoo Inc.

PayPal said the company is also conducting a search for a new product chief following Mark Britto's plans to retire at the end of the year.

The company said it has entered into an information-sharing agreement with Elliot Management Corp. to continue collaboration opportunities. Elliot Managing Partner Jesse Cohn said it has about a $2 billion investment in the company and that the news highlights steps that are under way and are being initiated to realize "the significant value opportunity at the company."

The Wall Street Journal reported last Tuesday that the activist investor has a stake in PayPal.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 02, 2022 16:55 ET (20:55 GMT)

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