Paypal Holdings Inc (NASDAQ:PYPL) announced the appointment of Sri Shivananda as the company’s new Senior Vice President and Chief Technology Officer, effective April 1, 2016.
Shivananda’s appointment follows the decision by current CTO, James Barrese, to step down to take time off. James will remain with PayPal for a period of time to support a smooth transition period.
With James’ departure, PayPal will realign responsibilities within the company. As CTO, Sri will oversee the company’s platform and infrastructure with a focus on availability, scalability, performance and information security. The company’s Payments and Identity teams will move under the Product and Engineering organization, enabling a stronger end-to-end view of PayPal’s customer experience as the company launches new capabilities.
“I am very pleased to welcome Sri to our leadership team as our next CTO,” said Dan Schulman, President and CEO of PayPal. “Sri has demonstrated outstanding leadership qualities and has been responsible for effectively running our critically important online payments systems around the world. He has the right skillset to allow us to remain at the forefront of innovation in the payments industry.”
“I am excited to take on this role and look forward to partnering with Dan and the leadership team to continue growing and improving our technology platform,” Shivananda said. “Our technology enables us to be a Customer Champion as the partner of choice to merchants and by empowering consumers globally – and I am committed to bringing our vision fully to life.”
During his nearly 15-year tenure at the company, Shivananda led eBay’s Global Platform and Infrastructure (GPI) team that powered both the eBay Inc. and PayPal businesses. After successfully guiding his team through separation, Sri joined PayPal as VP of GPI reporting to Barrese. In this role, Sri was responsible for all core technologies covering PayPal’s data centers, internal private cloud, online and offline data infrastructure, internal developer frameworks and tools, and various platform services.
Schulman added, “James has made invaluable contributions to our organization including overseeing a transformation of PayPal’s technology platform, which strengthened our competitive advantages and helped pave the path for PayPal’s growth and success. As a result of his leadership, we have significantly improved our security and performance – all foundational to being a true global Customer Champion. We are grateful to James for the team he has built and his long-standing commitment to PayPal. We wish James all the best with his well-deserved time off.”
“It has been an honor to work with the incredible talent across PayPal, and I am happy to see Sri take on greater responsibilities that are perfectly aligned with his strengths as a leader,” Barrese said. “We have an extremely deep bench of expertise on our technology team, and I’m confident Sri is well prepared and positioned to ensure PayPal’s technology platform remains at the leading edge as PayPal continues to define the future of digital payments.” (Original Source)
Shares of PayPal are trading at $33.11, down $0.50 or -1.49%. PYPL has a 1-year high of $42.55 and a 1-year low of $30. The stock’s 50-day moving average is $34.37 and its 200-day moving average is $35.08.
On the ratings front, Paypal has been the subject of a number of recent research reports. In a report released today, Piper Jaffray analyst Gene Munster maintained a Sell rating on PYPL, with a price target of $33, which represents a slight downside potential from current levels. Separately, on February 2, RBC’s Daniel Perlin reiterated a Buy rating on the stock and has a price target of $42.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gene Munster and Daniel Perlin have a total average return of 13.8% and 12.3% respectively. Munster has a success rate of 52.4% and is ranked #16 out of 3556 analysts, while Perlin has a success rate of 63.3% and is ranked #366.
Overall, one research analyst has rated the stock with a Sell rating, one research analyst has assigned a Hold rating and 14 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $41.91 which is 24.7% above where the stock closed yesterday.
PayPal Holdings Inc is a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company’s payments platform includes PayPal, PayPal Credit, Venmo and Braintree products.