Corrected at 5:32 p.m. PT to clarify that eBay Inc, not PayPal, cut 2,400 jobs in Q1 of 2015.
Today PayPal announced two new additions to its executive team who hail from mobile phone maker Nokia and Singapore telecommunications company Singtel. The hires come just ahead of PayPal's planned spin-off from parent company eBay.
Louise Pentland, former chief legal officer at Nokia Corporation, will join PayPal as its general counsel. The company notes that she played "a key role" during Nokia's sale of its handset business to Microsoft.
Jonathan Auerbach will also join as senior vice president of strategy and growth. Previously he served as chief executive of group digital life at Singtel, where he oversaw the company's global digital businesses and led a $250 million venture fund called Innov8. At PayPal he'll be charged with driving worldwide growth among merchants and consumers.
PayPal is expected to spin off from eBay very soon. Two weeks ago the company submitted an SEC filing detailing how the breakup would go down. Earlier this year, eBay Inc. said it would be cutting 2,400 jobs from its entire workforce in Q1 of this year.