Dive Brief:
- Hill Ferguson, the senior vice president of consumer business for payments specialist PayPal, has resigned from his position, Re/Code reports.
- Bill Ready, senior vice president of PayPal’s merchant operations, will now direct all PayPal product and engineering initiatives.
- PayPal officially left the eBay fold in July with an initial valuation of $52 billion.
Dive Insight:
PayPal will consolidate product and engineering responsibilities under Bill Ready with the departure of Hill Ferguson, who has overseen product and engineering for the payments system’s consumer business since March. The moves reverse an initial reorganization PayPal made earlier this year ahead of its spinoff from eBay.
Both executives joined PayPal via acquisition. Formerly the CEO of Braintree, Ready joined PayPal last year, and Ferguson joined in 2011 from mobile payments company Zong, which was founded by David Marcus, later PayPal president and now leader of Facebook Messenger.
Reaching a valuation of $52 billion, PayPal spun off from eBay in July. In contrast to mobile wallets such as Apple Pay, PayPal has so far positioned itself as a merchant-friendly payments alternative, and today’s staffing moves may represent a reiteration of that strategy.