SAN JOSE, CA—PayPal Holdings, Inc. (NASDAQ:PYPL) announced the expansion of its Board of Directors with the appointment of Carmine Di Sibio, effective July 1, 2024. The Board’s size will increase from 11 to 12 members following this appointment.
On Monday, the company disclosed in a recent SEC filing that Di Sibio will serve until the 2025 annual meeting of stockholders or until his successor is elected and qualified. His addition to the board fills a vacancy created by the increase in board size. Di Sibio will also join the Audit, Risk, and Compliance Committee starting July.
The company's definitive proxy statement, filed on April 9, 2024, outlines the compensation that Di Sibio will receive as a non-employee director. PayPal (NASDAQ:PYPL) has made it clear that there is no arrangement or understanding between Di Sibio and any other persons regarding his appointment. Additionally, there are no reported transactions involving the company where Di Sibio had an interest that would necessitate disclosure under SEC regulations.
PayPal's decision to appoint Di Sibio comes without any disclosed related party transactions or conflicts of interest. This move is part of the company's regular governance and oversight processes, as indicated in the filing signed by Vice President, Corporate Legal and Secretary, Brian Y. Yamasaki.
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