PayPal Names Ex-Electronic Arts CFO Blake Jorgensen as Its Chief Financial Officer

In its Q2 results, PayPal announced its new CFO in Blake Jorgensen, and that Elliott Management had secured a $2 billion stake in the company, making it one of the bigger investors, a press release said Tuesday (Aug. 2).

Jorgensen is replacing John Rainey as CFO. Rainey stepped down earlier in the year to be the CFO for Walmart.

Jorgensen reportedly has “extensive experience driving operational excellence and shareholder value,” and he was CFO with companies like Electronic Arts, Levi Strauss & Co and Yahoo.

Meanwhile, Elliott Management will be working on “a comprehensive evaluation of capital return alternatives” with the payment giant, and there will be collaboration on various opportunities, according to the companies.

“As one of PayPal’s largest investors, with an approximately $2 billion investment, Elliott strongly believes in the value proposition at PayPal,” said Jesse Cohn, a managing partner with Elliott. “PayPal has an unmatched and industry leading footprint across its payments businesses and a right to win over the near- and long term.”

Also in this quarter, PayPal introduced new credit offerings for smaller businesses. The company also added more ways for people to pay in-store, such as Tap to Pay functionality for contactless in-person payments, rolled out in the Netherlands, Sweden and the U.K.

The payments giant also introduced crypto transfers between PayPal and various wallets and exchanges.

The Q2 results say the company had $6.8 billion in net revenue for the quarter, a 9% increase from last year.

The release notes that PayPal had 48.7 payment transactions per active account, a 12% increase from last year.

See also: PayPal, Mastercard, Citi and Others Join New Economic Opportunity Coalition

PayPal has also joined a new White House program intended to address economic disparities and help out underserved communities.

Called the Economic Opportunity Coalition, it will include Mastercard, Citi, Bank of America, McDonald’s and Netflix. They will be working on “major investments” for communities of color.