In a letter to employees, the president & CEO of Paypal says the decision to „right-size” will help PayPal “move with the speed needed to deliver for our customers and drive profitable growth”.
The following message was shared with PayPal employees:
In our last Global All Hands, I shared that to build a growth organization and unlock our true potential, we need to be honest about how we can improve. During the last few months, I have spent as much time as possible with as many of you as possible to learn about our company’s great strengths, as well as where we need to move faster, where we need to change, and what we need to do to instill a culture of innovation that returns our company to the true position of strength it deserves.
While I have been encouraged by the innovation our team is delivering, we must execute faster and ensure we are focused on solving our customers’ most critical needs and problems. Specifically, across our organization, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication. We have started on that journey, but there is a lot of work to do – and 2024 marks a year of change, including some difficult but necessary decisions to get us to where we need to go.
Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 9% through both direct reductions and the elimination of open roles over the course of the year. We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth.”
Chriss took over PayPal in September after PayPal missed revenue, adjusted operating margin and net new active users targets the previous year.
The company’s stock is down more than 20% since last January and a host of new AI-driven features unveiled earlier this month failed to impress the market.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: