June 21, 2019
PayPal said that Bill Ready, the chief operating officer of the digital payments and technology platform, plans to step down at the end of 2019 to pursue entrepreneurial interests outside the company.
Ready originally joined the company in 2013, when ebay Inc. acquired payments platform Braintree Inc., for $800 million. Ready, who was chief executive officer of Braintree at the time, came over to run that company as a separate unit under PayPal, which ebay owned.
The Braintree acquisition brought mobile payment app Venmo under the PayPal umbrella. Ebay later announced in September 2014 that PayPal would be separated into its own company the following year.
Ready was named global head of product and engineering at PayPal in August 2015 was promoted to executive vice president and COO in September 2016.
"Since joining PayPal six years ago, I have had the privilege of working alongside many incredibly talented people, and I am proud of what we as a leadership team have accomplished together," said Ready said, as part of the announcement. "The transformative work we are doing has positioned PayPal for success well into the future."
Ready said he is excited for the company's future and is committed to ensuring a smooth transition over the coming months, according to the release.
"Bill will always be an important part of the PayPal story," Dan Schulman, president and chief executive officer of PayPal said in the announcement. "The Board and management team are grateful for his many contributions and for the customer focus, product excellence and culture of innovation he has helped to instill over the past six years."
Schulman said that Ready will continue to work with key partners and the company's leadership team until the end of 2019.
A spokesperson told Mobile Payments Today that a plan is in place to spread his duties around and the COO position would not be replaced upon his departure.
"We have put in place a new structure that reflects our focus on our expanding platform of services and solutions," spokesperson Amanda Miller told Mobile Payments Today via email. "Under the new structure, we don't have current plans to replace the COO position."
Topics: Card Brands, Mobile Apps, Mobile Payments
Companies: Venmo, PayPal, eBay
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