PayPal has announced the appointment of Srini Venkatesan, a top tech executive from Walmart, as their new chief technology officer. Venkatesan will be responsible for leading technology at the payments giant, including artificial intelligence and machine learning, information security, and product engineering.
This new hire comes as PayPal CEO Alex Chriss aims to leverage the growing investor interest in AI. In January, the company unveiled new AI-based products such as a platform that allows merchants to target new customers based on their past shopping behavior. Chriss has set ambitious revenue growth goals beyond just transaction volumes, calling 2024 a “transition year” for PayPal.
In a statement, Chriss highlighted Venkatesan’s experience in leading technology, digital transformation, and AI personalization for some of the biggest customers and partners in the industry. Venkatesan previously oversaw a team of 14,000 at Walmart’s U.S. Omni Platforms and Tech organization, which developed essential platforms for the retailer such as elements of the Walmart+ subscription service.
As Venkatesan assumes his role as chief technology officer, PayPal’s current CTO Archie Deskus has decided to leave the company. Deskus will stay on until July to support a smooth transition before departing from PayPal. This leadership change underscores PayPal’s commitment to innovation and growth in the rapidly evolving technology landscape.
PayPal has been making significant moves in recent years to position itself as a leader in payments technology and innovation. With this appointment of Venkatesan as its new CTO, it is clear that PayPal is continuing its focus on developing cutting-edge technologies that will drive its growth and success in the future.
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