PayPal has hired Srini Venkatesan, a former top tech executive at Walmart, to drive its artificial intelligence (AI) initiatives as its new Chief Technology Officer (CTO). Venkatesan’s appointment, effective June 24, 2024, marks a significant step in PayPal’s strategy to enhance its technological capabilities under the leadership of CEO Alex Chriss.
In his new role, Venkatesan will oversee various technology functions at PayPal, including AI, machine learning, information security, and product engineering. His extensive background includes leading Walmart’s U.S. Omni Platforms and Tech organization, where he managed a team of 14,000 and developed platforms for Walmart’s retail operations and the Walmart+ subscription service. Venkatesan also held key positions at Yahoo, eBay, StubHub, and Marketo, where he focused on product and technology innovations.
Under CEO Alex Chriss, who took over in September 2023, PayPal is aggressively pursuing AI-driven innovations. Chriss has called 2024 a “transition year” for PayPal, with a focus on leveraging AI to grow the company’s revenues beyond transaction-based volume. In January 2024, PayPal launched new AI-based products aimed at helping merchants reach new customers through personalized shopping experiences.
Leadership Transition
Archie Deskus, PayPal’s current CTO, will leave the company in July after assisting with the transition. Deskus has been instrumental in strengthening PayPal’s technology infrastructure and team.
Venkatesan expressed his excitement about joining PayPal, emphasizing his commitment to using AI to revolutionize commerce and enhance customer experiences. “I’m incredibly excited about joining PayPal and bringing together my experiences across tech and retail to personalize customers’ shopping experiences,” Venkatesan said.
CEO Alex Chriss highlighted the strategic importance of Venkatesan’s appointment, stating, “Srini’s experience in leading technology, digital transformation, and AI personalization from inside some of our largest customers and partners will be invaluable as we execute our mission to revolutionize commerce globally.”
This move signifies PayPal’s dedication to staying ahead of technological advancements and continuously improving user experiences.