PayPal CTO Sri Shivananda to quit; acting CFO Gabrielle Rabinovitch also set to depart

Rabinovitch was made the acting CFO only in January this year after Blake Jorgensen stepped down following a leave of absence.

The newly-appointed Chief Executive Officer (CEO) of PayPal, Alex Chriss, in an email, informed employees about a management rejig at the payments giant. Chriss told staffers that Sri Shivananda, the Executive Vice-President (EVP) and Chief Technology Officer (CTO) of PayPal will be exiting the company by the end of the year.

Shivananda has been with PayPal for over eight years now and had initially joined as Vice President (VP) in 2015. Prior to joining PayPal he was with eBay for more than 13 years.

Archie Deskus, the current EVP and Chief Information Officer (CIO), will expand her scope to become PayPal's new Chief Technology Officer (CTO) as Shivananda prepares to hand over the reins.

“...As part of these changes, Sri Shivananda will be working with Archie (Deskus) to ensure a successful transition for the current CTO organization and will be departing PayPal at the end of the year,” Chriss’ email to employees read. Moneycontrol has seen a copy of the email.

PayPal did not immediately respond to Moneycontrol’s email.

That is, however, not the only change at the Nasdaq-listed giant. Along with CTO Shivananda, Gabrielle Rabinovitch, acting Chief Financial Officer (CFO) at PayPal is also set to exit the company.

Rabinovitch was made the acting CFO only in January after Blake Jorgensen stepped down following a leave of absence.

“I'd like to thank Gabrielle Rabinovitch for leading our finance function during her time as interim and then acting CFO… Following earnings, she will be taking time to determine what's next for her…,” Chriss’ email added.

Rabinovitch departs at a time when PayPal has roped in Jamie Miller as its new CFO. Miller, who takes charge from November 6, has previously worked at General Electric, EY, and Cargill.

Rabinovitch also has spent several years at PayPal. She first joined in April 2016 as VP and was promoted through the years. She has had stints with AlixPartners, Williams Sonoma and Bank of America Merrill Lynch in the past.

Like Shivananda, even Rabinovitch's next move was not immediately known. The two join a growing list of top level executives who have been leaving PayPal in the recent past.

CFO John Rainey, Venmo head Darrell Esch and omni payments leader Jim Magats are among the other top level exits at PayPal.

The recent exits come months after Alex Chriss was appointed as the next President and CEO of PayPal in August. Chriss was brough onboard after  CEO Dan Schulman, 65, was set to retire by the end of the year.