As part of his turnaround efforts, Enrique Lores said Monday the digital payments company requires faster decisions and clearer accountability.

PayPal Holdings was slow to make decisions under its prior leadership, with too many management layers bogging down the pace of execution, Chief Executive Enrique Lores said Monday during a discussion at an industry conference.

The digital payments company needs to “simplify how we work, remove (and) accelerate decision makers, reduce management layers, and become a more agile company,” Lores said on stage during a conversation about his turnaround plans for PayPal at the annual Money 20/20 financial technology conference.

“We have clarified how decisions need to be made and clarified accountability,” said Lores, who was PayPal’s chairman before assuming the CEO role on March 1 after Alex Chriss exited. “And having been in business for a long time, I know accountability is one of the most important things to improve performance.”

Lores offered a brief summary of some of PayPal’s past faults during the discussion, explaining his strategy for the company’s turnaround. He spoke with Karen Webster, the chief executive of PYMNTS, a business-to-business publisher.

PayPal’s Venmo peer-to-peer fund transfer service and the Braintree processing system “were not getting enough attention, were not getting enough investment, and we have changed that,” Lores said.

As part of the turnaround, the company has begun cutting jobs , but has not specified the size of the reductions envisioned under Lores’ three-year plan. Bloomberg and the Wall Street Journal reported in May that PayPal aims to reduce its global workforce by about 20% over the restructuring period, citing people familiar with the plans.

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