Apparently he was ok with that, and I'm sure he's being well compensated for it.
PayPal has built up a lot of ill will, and no, it doesn't just go away with a promise to change. It is in fact going to take time.
Let's keep in mind that this offense just happened. It's not the distant past.
This is a non-solution, which is almost worse than doing nothing at all, because it's active disingenuity.
You can't win by solving just one person's problems. But you also can't win unless you start by solving one person's problems. And then fix the system, so that the kind of problem is less likely to recur.
This, IMHO, is exactly the right way to do it. As contrasted with the wrong way, which is for employees to sit in their comfy offices and avoid all direct contact with customers, making up bureaucratic solutions to imagined problems.