Ready leaving behind an able team
How will PayPal (PYPL) cope after COO Bill Ready, a prominent face of the company, steps down? It looks like coping with the departure won’t be a major challenge. First, the company has said that Ready will stay around until the end of the year to help with a smooth transition. Second, Ready is leaving behind a great team, which he pointed out in the statement announcing his exit.
In the same statement, CEO Dan Schulman also said that Ready had helped instill a culture of innovation in the company during his tenure, so the team he was leaving behind could be trusted to carry on with the work he’d begun at the company.
No plans to recruit Ready’s replacement
PayPal isn’t planning to recruit a new COO to replace Ready, a company spokeswoman has told Bloomberg. Instead, PayPal will split Ready’s roles among various executives—a decision that also appears to hinge on the trust PayPal has in the team Ready has built to deliver on the company’s goals. Ready is leaving PayPal to pursue new entrepreneurial ventures outside the company.
PayPal generated revenue of $4.1 billion in the first quarter, representing an increase of 12% YoY (year-over-year). Square (SQ) and Shopify (SHOP), which are also in the payments business, recorded revenue growth of 50% and 43% YoY, respectively, in the first quarter. But Square and Shopify are much smaller companies with quarterly revenues in the hundreds of millions of dollars compared to PayPal’s billions. Amazon (AMZN) and eBay (EBAY) posted first-quarter revenue growth of 17% and 2.0% YoY, respectively. PayPal was a unit of eBay before it separated in 2015.