In-Store Initiatives at PayPal Casualty of Spinoff?
Feb. 5, 2015
Layoffs at eBay and PayPal, which were announced in January, began this week ahead of the planned spinoff of the online and mobile payment unit from its parent, according to reports. Around 2,400 jobs will be shed across both companies in advance of the separation, but one was a surprise. Don Kingsborough, who spearheaded PayPal’s move into retail stores, confirmed to Re/code he has left the company.
Sources indicated to the technology publication that Kingsborough’s departure along with deep cuts in the sales and product divisions of the unit focused on brick-and-mortar PayPal acceptance are a sign the company is returning its focus to the online payments it pioneered in the late 1990s. In remarks to Re/code, Kingsborough characterized PayPal’s efforts as not having accomplished enough in this area. The report said the layoffs will not affect PayPal’s Braintree division.