PayPal has hired one of Walmart’s top technology executives as its new CTO, to lead the company’s AI push, Reuters reported on Thursday (20 June).

Srini Venkatesan will lead Paypal’s technology, product engineering and information security, the payments company told Reuters.

PayPal CEO Alex Chriss called 2024 a “transition year” for the company.

The CEO, who joined the PayPal in September, has significant AI experience, including the announcement of a slew of AI products in January. 

“As we execute our mission to revolutionise commerce globally, Srini’s experience leading technology, digital transformation and AI personalization from inside some of our largest customers and partners will be invaluable,” Chriss said in a statement.

In January, Chriss announced that PayPal would reduce its global workforce by nine percent, impacting approximately 2,500 jobs.

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In a letter addressed to the company’s employees, Chriss outlined the decision to streamline operations by implementing both direct staff cuts and the elimination of open positions throughout the year.

“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth,” wrote Chriss.