PayPal Adds Three Industry Veterans to Executive Team
Sep 30, 2009

SAN JOSE, Calif. & LUXEMBOURG--PayPal today announced that it has hired three industry veterans to help drive the company’s continued global growth. John McCabe is now senior vice president of worldwide operations for PayPal, responsible for risk operations, customer support and payment operations. Ed Eger is senior vice president of transaction management, covering risk management and core payment processing worldwide. Renier Lemmens will lead PayPal’s business in Europe, where he will be responsible for expanding usage of PayPal on eBay and on other e-commerce sites across the region, as well as supporting European developer adoption of PayPal X, PayPal’s platform initiative. All three executives will report to PayPal President Scott Thompson.

“PayPal has a clear goal to power e-commerce around the world,” said Scott Thompson, president of PayPal. “To achieve this, we’re focused on driving a better experience for our customers and increasing usage around the world. I’m confident that John, Ed and Renier are the right people to help PayPal realize the tremendous opportunity that’s ahead for our business.”

McCabe joins PayPal from Wachovia Corporation, where he was executive vice president of Wachovia Direct Access. In this position, he led Wachovia’s contact centers in 15 domestic and global locations, serving 20 lines of business and approximately 15 million customers. A financial services and technology professional with more than 33 years of global experience, McCabe brings vast knowledge and expertise in customer service transformation and retail banking operations.

Eger joins PayPal from Citigroup, where he was the CEO of the company’s international consumer credit card business. In that role, he was responsible for an organization that spans 50 countries and serves more than 40 million customers worldwide. In his 25-year career, Eger has run a range of financial service businesses in North America, Asia, Latin America and Europe.

Lemmens brings more than 20 years experience in financial services and technology to his role as head of PayPal Europe. Recently Lemmens served as chief operating officer of the International Retail and Commercial Banking Division at Barclays Bank PLC, covering all functional areas across 23 markets globally. A native of The Netherlands, Lemmens has extensive international business experience having worked in the Benelux region, France, Germany, Switzerland, the UK, Hungary, India and North America.

PayPal’s total payment volume, the total value of transactions in 2008, represented nearly 9 percent of global e-commerce*. Over the next three years, PayPal expects more than half of its growth from outside the U.S. About 43 percent of PayPal’s revenue comes from its international business, with most of this revenue coming from PayPal’s European markets. PayPal processed more than $15 billion in TPV in Europe in 2008 and is offered on more than 165,000 European merchant e-commerce sites.

About PayPal

PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or personal financing. With more than 75 million active accounts in 190 markets and 19 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay company and is made up of three leading online payment services: the PayPal global payments platform, the Payflow Gateway, and Bill Me Later. More information about the company can be found at https://www.paypal.com.

Source: Forrester estimates of U.S. e-commerce with the addition of eBay Inc. internal metrics totaling $256 billion

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