PayPal Holdings Inc. (NASDAQ: PYPL) announced a strategic reorganization that will restructure the company into three operating divisions: Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto.

The San Jose-based payment company named Frank Keller as President of Checkout Solutions & PayPal, while Alexis Sowa will serve as interim lead for Consumer Financial Services & Venmo, and Jeff Pomeroy as interim lead for Payment Services & Crypto. Antonio Lucio joins PayPal as Chief Marketing & Corporate Affairs Officer, and Anshu Bhardwaj was appointed Chief AI Transformation & Simplification Officer.

"To accelerate growth and unlock our full potential, we need to recommit to our fundamentals—getting much closer to the consumer, aligning the company around three strong businesses, simplifying how we work, sharpening accountability, and prioritizing operational excellence," said Enrique Lores, President and CEO of PayPal.

The Checkout Solutions & PayPal business will combine the company's consumer and merchant ecosystems. Consumer Financial Services & Venmo will expand Venmo into a broader consumer financial services platform. The Payment Services & Crypto division will consolidate processing and platform capabilities, including Braintree, small and medium business processing, value-added services, and cryptocurrency operations including PYUSD.

Diego Scotti, who served as EVP and General Manager of the Consumer Group, and Michelle Gill, EVP and General Manager of the Small Business & Financial Services Group, are departing the company.

PayPal plans to provide additional details about the new operating model during its earnings call on May 5. The company operates in approximately 200 markets globally.