PayPal (NASDAQ:PYPL) has hired Srini Venkatesan, one of Walmart’s top tech leaders, to lead the business’s drive into artificial intelligence as its new chief technology officer, the company announced on Thursday.
Venkatesan will be in charge of all technology at the payments giant, including AI and machine learning, information security, and product engineering, according to the business.
Under PayPal CEO Alex Chriss, who joined in September, the business has attempted to capitalize on investor enthusiasm for AI by launching new AI-based products in January, such as a platform that allows merchants to reach out to new customers based on their previous purchase history.
Chriss has described 2024 as a “transition year” for PayPal, promising to increase income beyond transaction volume.
“As we execute our mission to revolutionize commerce globally, Srini’s experience leading technology, digital transformation and AI personalization from inside some of our largest customers and partners will be invaluable,” said Chriss in a statement.
Venkatesan led a 14,000-person team under Walmart’s U.S. Omni Platforms and Tech business, which is in charge of developing platforms to serve the retailer, including aspects of the Walmart+ subscription service.
PayPal’s current chief technology officer, Archie Deskus, has opted to leave the firm and will depart in July after assisting with the transition, the company announced.
