PayPal on App Retailer displayed on a cellphone display screen and PayPal brand displayed on a display screen within the background are seen on this illustration photograph taken in Krakow, Poland on January 2, 2023.
Nurphoto | Nurphoto | Getty Pictures
PayPal’s new CEO can be Alex Chriss, the chief who runs the small enterprise and self-employed group at Intuit, members of PayPal’s board introduced Monday.
Chriss will take over for PayPal’s longtime CEO Dan Schulman starting Sept. 27. Schulman had beforehand introduced a plan to step down from the position by the top of the yr. He’ll stay a director on the firm till Might 2024.
“I’m proud to take the baton from Dan and thrilled to have the chance to work with PayPal’s gifted and dedicated group to construct on PayPal’s exceptional historical past and draw on its distinctive capabilities to ship excellent services to companies and shoppers,” Chriss stated in a launch Monday.
Shares of PayPal had been up practically 2% in morning buying and selling Monday.
PayPal’s board stated Chriss was chosen for the position out of a pool of 9 candidates. The choice course of started in February. The board members stated they had been impressed by Chriss’ management at Intuit, significantly as he steered the corporate by way of its $12 billion acquisition of the advertising and marketing platform Mailchimp.
Members of the board additionally met with greater than 20 buyers, together with activist investor Elliott Administration, whereas conducting the seek for the brand new CEO. Final summer season, Elliott Administration collected an undisclosed stake in PayPal. The board members stated the agency had no position within the search.
Schulman grew to become PayPal’s CEO after the cut up from eBay in 2015, and he notified the corporate of his choice to retire on the finish of December final yr.
“I am happy with what we’ve got completed at PayPal and of the extremely gifted and dedicated individuals I work with day by day,” Schulman stated in a assertion asserting his choice. “Collectively, we’ve got reimagined monetary providers and e-commerce, and labored to enhance the monetary well being of our clients.”