Here's Why PayPal Shares Are Falling

PayPal Holdings Inc PYPL shares are trading lower by 3.91% at $104.02 during Wednesday's pre-market session after the company announced the departure of CFO John Rainey.

The company says, after almost seven years at PayPal, Rainey is leaving the company to join Walmart Inc. as its CFO. To support an orderly transition, Rainey will remain at PayPal until late May.

PayPal says the company's Board of Directors has launched a formal search process to identify Rainey's permanent replacement. PayPal's Board of Directors has approved the appointment of Gabrielle Rabinovitch, senior vice president, Corporate Finance and Investor Relations, as interim CFO effective upon Rainey's departure.

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PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions.

PayPal has a 52-week high of $310.16 and a 52-week low of $92.25.