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United States. Securities and Exchange Commission

PayPal Announces Departure of Executive Vice President, Chief Strategy, Growth and Data Officer

Strategic Insights

— 2 min read

On August 8, 2023, PayPal Holdings, Inc. announced the departure of Jonathan Auerbach, Executive Vice President, Chief Strategy, Growth and Data Officer, effective June 1, 2024. Auerbach will continue to serve in his current role until December 31, 2023, after which he will remain with the company as an advisor until June 1, 2024. The circumstances of Auerbach's departure qualify him for a severance pay benefit, health benefits, equity award treatment, and outplacement services consistent with a "Qualifying Termination" under the PayPal Holdings, Inc. Executive Change in Control and Severance Plan. A separation agreement was reached between the company and Auerbach on August 4, 2023, providing for the payment of severance pay, benefits, and equity award treatment under the plan. Auerbach's compensation will remain unchanged during his time as an advisor, and his departure does not reflect any dispute or disagreement with the company.

Key Takeaways:

  • Jonathan Auerbach, Executive Vice President, Chief Strategy, Growth and Data Officer, will depart from PayPal Holdings, Inc. on June 1, 2024.
  • Auerbach will continue to serve in his current role until December 31, 2023, after which he will remain with the company as an advisor until June 1, 2024.
  • Auerbach's departure qualifies him for a severance pay benefit, health benefits, equity award treatment, and outplacement services consistent with a "Qualifying Termination" under the PayPal Holdings, Inc. Executive Change in Control and Severance Plan.
  • A separation agreement was reached between the company and Auerbach on August 4, 2023, providing for the payment of severance pay, benefits, and equity award treatment under the plan.
  • Auerbach's compensation will remain unchanged during his time as an advisor.
  • The circumstances of Auerbach's termination do not reflect any dispute or disagreement with the company.

Statistics:

  • June 1, 2024: Effective date of Auerbach's departure from PayPal Holdings, Inc.
  • December 31, 2023: Date by which Auerbach will cease to serve as Executive Vice President, Chief Strategy, Growth and Data Officer
  • August 4, 2023: Date of separation agreement between the company and Auerbach
  • 12 months: Maximum duration of severance pay benefits under the PayPal Holdings, Inc. Executive Change in Control and Severance Plan

Sources:

  • Form 8-K, filed by PayPal Holdings, Inc. with the U.S. Securities and Exchange Commission on August 8, 2023
  • PayPal Holdings, Inc. Executive Change in Control and Severance Plan, as amended and restated, previously filed with the SEC on February 10, 2023 as Exhibit 10.07 to the Company's Annual Report on Form 10-K

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