UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 7, 2023, PayPal Holdings, Inc. (the “Company”) announced that Blake Jorgensen, Executive Vice President and Chief Financial Officer, will step down from his position as the Company’s Chief Financial Officer, effective immediately. Mr. Jorgensen will remain with the Company as a senior advisor through September 15, 2023. Mr. Jorgensen’s decision does not reflect any dispute or disagreement with the Company and Mr. Jorgensen’s compensation will be unchanged during the period he serves as a senior advisor. Gabrielle Rabinovitch will continue to serve as acting Chief Financial Officer and SVP, Investor Relations and Treasurer.
The circumstances of Mr. Jorgensen’s termination of employment with the Company qualify him for severance benefits consistent with a “Qualifying Termination” (as defined in Appendix A, subsection a.) under the terms of the PayPal Holdings, Inc. Executive Change in Control and Severance Plan, as amended and restated (the “Plan”), previously filed with the SEC on February 10, 2023 as Exhibit 10.29 to the Company’s Annual Report on Form 10-K. The Company and Mr. Jorgensen entered into a separation agreement on March 3, 2023, which, in exchange for a release of claims and other valuable consideration, provides for the payment of severance benefits under Appendix A of the Plan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PayPal Holdings, Inc. | ||||||
(Registrant) | ||||||
Date: March 7, 2023 | /s/ Brian Y. Yamasaki | |||||
Name: Brian Y. Yamasaki | ||||||
Title: Vice President, Corporate Legal and Secretary |