PayPal CEO Reshapes Businesses, Makes Venmo Standalone Unit

PayPal Holdings Inc. is reorganizing its business lines — making Venmo a standalone unit — as Chief Executive Officer Enrique Lores seeks to streamline a payments firm that has struggled in recent years.

The company announced Wednesday that it will have three distinct businesses: Checkout Solutions & PayPal; Consumer Financial Services & Venmo; and Payment Services & Crypto.