SAN JOSE, CA: Franz Paasche is stepping down from his role as PayPal SVP and chief corporate affairs officer at the end of the year, according to an internal memo seen by PRWeek.
Paasche, who has been with PayPal for more than eight years, will serve as a senior adviser to the financial services company until June 1, 2024, before officially departing. He declined to comment further.
In his memo to PayPal corporate affairs staffers, Paasche applauded his corporate colleagues for their efforts during his tenure, during which the department celebrated “successes and achievements” and navigated “difficult and unprecedented challenges.”
“You have always put PayPal first and advanced our mission. You have served our clients across the business with distinction and have had great impact on our customers and communities. You do extraordinary work for PayPal and its stakeholders every single day, and I couldn’t be prouder of what we have accomplished together,” he said.
Newly appointed PayPal CEO Alex Chriss is set to finally take the helm next week, facing a tough challenge as he attempts to manage a sharp decline in share price and the company’s venture in cryptocurrency through its new stablecoin.
Paasche said in the memo that he’ll be coordinating closely with Chriss and the company’s senior leadership team in the coming months to ensure a smooth transition for his role. A replacement hasn’t yet been named, a PayPal spokesperson told PRWeek.
“There are great opportunities ahead, and also considerable challenges. Our team is deep and strong, and it is built for the critical work that lies ahead. Your work for our company will never be more important,” Paasche wrote. “I have huge confidence in what our team can do — and in the role the corporate affairs team will play in PayPal’s future growth.”
Before PayPal, Paasche served as head of external relations for McKinsey & Company, overseeing issues management and public affairs. He has also featured on PRWeek’s Power List numerous times, placing at No. 20 on this year’s edition.
In July, PayPal VP of corporate affairs Amanda Miller left to join Under Armour as chief communications officer. Josh Criscoe, senior director of corporate affairs and comms, took over Miller’s responsibilities after her departure.