Business
PayPal CTO James Barrese resigns, replacement named
Barrese is out after a year, and his responsibilities are being split in two.
James Barrese, CTO of PayPal, is resigning effective April 1, according to a filing with the SEC.
Sri Shivananda, PayPal's VP of Global Platform & Infrastructure, will replace Barrese as CTO.
Barrese had been in the CTO position since 2012, prior to PayPal's spin-off from parent company eBay.
William Ready, the company's Global Head of Product & Engineering, will take over the "payment services functions" currently handled by Barrese, according to the filing.
It's not clear why Barrese is leaving PayPal and why his position is being split in two.
PayPal gave Wall Street stellar earnings in January, reporting a 17 percent revenue increase over the prior year.
We've reached out to comment from PayPal for more on the shakeup.