PayPal appoints new CTO, an ex-Walmart Executive, Srini Venkatesan

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PayPal has appointed Srini Venkatesan, a former executive of Walmart’s U.S. Omni Platforms and Tech department, as chief technology officer (CTO) effective from Monday, June 24, 2024.

A release by PayPal, CEO Alex Chriss, confirmed the appointment.

The release further stated that Venkatesan will now lead PayPal’s technological endeavours, including product engineering and information security to artificial intelligence (AI) and machine learning.

The move significantly incorporates AI into PayPal’s operations, especially since his arrival in September and it fits into the CEO Alex Chriss’s large plan.

Indeed, Chriss had referred to 2024 as a “transition year” and pledged to increase revenue streams outside of transaction volume.

The release alsi stated that Venkatesan will take over for Archie Deskus, PayPal’s current CTO, who is leaving the company.

A post on LinkedIn by Deskusstated:
“After my extraordinary time at PayPal, I have made the decision to start a new chapter.”

Indications are that under Walmart’s U.S. Omni Platforms and Tech organization, Venkatesan oversaw a workforce of 14,000 people tasked with developing platforms to support the retailer, including components of the Walmart+ subscription program.

According to Chris, “Srini is a seasoned technologist and leader with a successful track record of building and scaling technology organizations, from early-stage startups to the world’s largest retailer.”

Also, Venkatesan said in the release that,
“I’ve spent my career innovating to create new and improved ways for customers to discover, shop and buy the goods they want and need.

“I’m incredibly excited about joining PayPal and bringing together my experiences across tech and retail to personalize customers’ shopping experiences.”

Several other executives were appointed when PayPal split its operations into three new divisions, including Global Markets President Suzan Kereere, Chief Marketing Officer Geoff Seeley, Chief Enterprise Services Officer Aaron J. Webster, and Chief Corporate Affairs and Communications Officer Amy Bonitatibus.

Earlier report stated that an Indonesian insurtech startup, Qoala, has announced securing $47 million in a new round co-led by PayPal Ventures and MassMutual Ventures.