PayPal Announces New CEO
Effective September 27, 2023, senior Intuit executive Alex Chriss will become the President and CEO of PayPal, replacing current CEO Dan Schulman, as announced by members of PayPal’s board.
Experience in Global Payments and Technology
The appointment of Alex Chriss followed a thorough CEO search process aimed at finding a leader with expertise in global payments, product, and technology.
A Proven Leader from Intuit
Alex Chriss brings extensive experience from his tenure at Intuit, where he served as Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Group. During this time, he oversaw significant growth in customers and revenues, achieving compound annual growth rates of 20% and 23%, respectively. Chriss also led Intuit’s acquisition of Mailchimp for $12 billion in 2021.
Unanimous Board Support
Chriss received unanimous support from PayPal’s board and its CEO search committee after being chosen from a pool of nine candidates. Extensive meetings were held with over 20 investors, including Elliott Management, an activist investor.
Paving the Way for Growth
John Donahoe, Chair of the PayPal Board of Directors, expressed confidence in Chriss’ ability to lead PayPal into its next stage of growth. PayPal has been undergoing restructuring efforts, including a workforce reduction of 7%. The savings from these measures will be reinvested in projects such as passwordless checkout, one-click in-app experiences, and advanced AI-driven checkout flows.
Current CEO’s Contributions
Outgoing CEO Dan Schulman, who joined PayPal in 2014 after its separation from eBay, has been acknowledged for his outstanding leadership. Under Schulman’s guidance, PayPal experienced substantial revenue growth from $9.2 billion in 2015 to $27.5 billion in 2022. The total number of active accounts more than doubled to over 430 million across 200 markets.
A Smooth Transition Ahead
Schulman expressed his pride in the accomplishments achieved during his tenure and his commitment to ensuring a smooth transition with his successor. He will continue serving on PayPal’s board until May 2024.
Favorable Investor Response
Investors have reacted positively to the news, reflected by a nearly 2% increase in PayPal’s stock price.