(Bloomberg) -- Bill Ready, who helped oversee the explosive growth of Venmo and rose to the role of chief operating officer at PayPal Holdings Inc., will depart the company at the end of the year.
Ready arrived at PayPal in 2013, when the company acquired Braintree, a startup he ran. Braintree owned the mobile payments app Venmo, which quickly became PayPal's fastest-growing product.
A PayPal spokeswoman said Thursday that Ready's responsibilities will be assigned to various executives and that the company doesn't plan to name a replacement operating chief. Ready is expected to explore new entrepreneurial ventures, she said. PayPal shares fell as much as 1.2% in extended trading.
To contact the reporter on this story: Julie Verhage in New York at jverhage2@bloomberg.net
To contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Anne VanderMey
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