PayPal taps Treasury, O'Melveny alum Patel as new legal chief
Summary
A Reuters article by Xiumei Dong dated November 16, 2021 reporting that PayPal Holdings Inc is bringing on a new top lawyer to succeed Louise Pentland, who will step down as chief business affairs and legal officer at the end of the year. It states that Bimal Patel, a former head of the financial advisory and regulatory practice at O'Melveny & Myers who was in a senior U.S. Treasury Department post during the Trump administration, will be the company's new general counsel, set to assume leadership of the legal team on Jan. 1. It reports that PayPal said in a Monday regulatory filing that it will pay Pentland a more than $2.5 million cash payment under a severance agreement.
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“PayPal taps Treasury, O'Melveny alum Patel as new legal chief.”
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PayPal taps Treasury, O'Melveny alum Patel as new legal chief By Xiumei Dong November 16, 2021 10:04 PM UTC Updated ago A smartphone with the PayPal logo is placed on a laptop. REUTERS/Dado Ruvic - Summary - Law Firms - Louise Pentland said she will step down at end of December - Bimal Patel will become PayPal' general counsel next year (Reuters) - PayPal Holdings Inc is bringing on a new top lawyer to succeed Louise Pentland, who will step down from her role as chief business affairs and legal officer at the end of the year, the company confirmed Tuesday. Pentland, who has led PayPal's legal functions for nearly seven years, announced her resignation on LinkedIn Tuesday. Bimal Patel, a former head of the financial advisory and regulatory practice at O'Melveny & Myers who held a senior U.S. Treasury Department post during the Trump administration, will be the company's new general counsel. Patel, who joined Treasury in 2017 and served as the agency's assistant secretary for financial institutions, is set to assume leadership of PayPal's legal team on Jan. 1. "I am stepping down to seek renewal and creating space to do that," Pentland wrote in her LinkedIn post. According to a PayPal spokeswoman, she will remain in her current role until Dec. 31 and will continue to serve as "a counselor and advisor" to the company through mid-2022. Paypal said in a Monday regulatory filing that as part of a severance agreement, it will pay Pentland a more than $2.5 million cash payment before she leaves the company next year. Pentland joined PayPal in 2015 after 16 years at Nokia Corp. According to Paypal's proxy statement filed in April, she earned nearly $10.1 million in total compensation last year. Read more: PayPal profit beats estimates, U.S. Venmo users can pay on Amazon from next year PayPal says it is currently not pursuing Pinterest acquisition Our Standards: The Thomson Reuters Trust Principles. Xiumei Dong Thomson Reuters Xiumei Dong covers legal industry news, with a focus on law firm strategy and growth, in-house counsel and the Washington, D.C., legal market. Reach her at Xiumei.Dong@thomsonreuters.com. Read Next / Editor's Picks
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