PayPal has appointed Srini Venkatesan, a former top executive at Walmart, as its new chief technology officer with a focus on artificial intelligence. Venkatesan will be responsible for overseeing technology at PayPal, including AI and machine learning, information security, and product engineering. This move is in line with PayPal’s efforts to capitalize on investor enthusiasm for AI and expand its revenue beyond transaction-related volume.
In January, PayPal introduced an AI platform that helps merchants target new customers based on their shopping history. CEO Alex Chriss sees 2024 as a “transition year” for the company and is focused on expanding revenues through digital transformation and AI personalization. Chriss expressed confidence in Venkatesan’s ability to lead technology initiatives based on his experience in technology, digital transformation, and AI personalization.
Venkatesan previously managed a team of 14,000 employees at Walmart, overseeing platforms that supported the retailer, including components of the Walmart+ subscription service. As Venkatesan takes on the role of chief technology officer, current CTO Archie Deskus will be leaving PayPal in July. Deskus will assist with the transition before departing the company. PayPal is optimistic about the future with a new CTO at the helm and a strategic focus on leveraging AI technology to drive innovation in the payments industry.
