PayPal appoints new director

Silicon Valley Bank Chairman John Dean has joined the board of directors of online payments company PayPal, the company said Friday. Dean, also a director or adviser to organizations such as the European Technology Fund, Leapfrog Ventures and Garage.com, is the eighth member of PayPal's board.

The Palo Alto, Calif.-based company lost $32.4 million on $29.2 million in revenue in the third quarter, and is gearing up for an initial public offering in which it hopes to raise up to $63.3 million. --Troy Wolverton, Special to ZDNet News