Dive Brief:
- In a filing with the Securities and Exchange Commission Monday, PayPal said its chief accounting officer, Jeffrey Karbowski, has resigned to take a job with another company and will exit Feb. 10. He has been hired by the streaming company Netflix, according to a report in Variety.
- In his wake, PayPal’s Acting Chief Financial Officer, Gabrielle Rabinovitch, will take on the added role of principal accounting officer on an interim basis.
- Karbowski’s resignation doesn’t reflect any dispute or disagreement with PayPal, the company said in the regulatory filing.
Dive Insight:
The exit is another blow to PayPal, the digital payments pioneer that has been seeking to adjust its business strategy after falling short of growth goals in 2022 and coming under pressure from new investors last year.
Rabinovitch’s finance duties are mounting. She became acting CFO last September when PayPal CFO Blake Jorgensen took a leave of absence for medical reasons. It’s not clear when Jorgensen will return. Rabinovitch is also senior vice president of investor relations and treasurer.
Jorgensen was hired at PayPal after the company’s long-time CFO, John Rainey, left the company to take the CFO post at Walmart in April 2022. That was just as PayPal was adjusting its outlook after missing targets for increasing new user accounts.
Some analysts have suggested that PayPal CEO Dan Schulman may also exit this year, though the company has dismissed that suggestion as speculation.
