PayPal shares rose nearly 12% after the company announced a slew of changes, including the appointment of Blake Jorgensen as the new chief financial officer and a $15 billion share repurchase program.
PayPal Holdings announced on Tuesday that Elliott Investment Management has invested more than $2 billion in the company, making the activist investor one of the fintech firm’s largest shareholders.
In addition, the company announced a slew of changes, including the appointment of Blake Jorgensen as Paypal’s new chief financial officer and a new $15 billion share repurchase program. Blake joins PayPal from Electronic Arts, where he previously worked.
Jesse Cohn, a managing partner at Elliot, said PayPal has “an unrivaled and industry-leading footprint across its payments businesses,” a day after the investment firm disclosed a similar stake in Pinterest Inc.
For the three months ended June 30, the company earned an adjusted profit of 93 cents per share, compared to $1.15 per share a year earlier.
