With its Q2 results, PayPal announced Blake Jorgensen as its next finance chief, succeeding John Rainey, who left the digital payments giant earlier this year for the same role at Walmart. Jorgensen’s appointment takes effect Wednesday, PayPal said in a press release. He most recently served as CFO for about a decade at videogame maker Electronic Arts. Before that, he served as finance chief at Levi Strauss & Co. Jorgensen will be tasked to monitor the $900 million of cost savings expected to be realized in FY’22.
PayPal ended the quarter with 429 million active accounts, up 6%, including 35 million merchant accounts. The online payments pioneer processed 5.5 billion payment transactions, up 16%. The net revenues of $6.8 billion increased 10% on an FX-neutral basis (FXN).
PayPal also announced that activist investor Elliott Management acquired an over $2 billion stake, which shot up its shares by nearly 12%.