15-8-2023 (SAN FRANCISCO) U.S. financial powerhouse PayPal has made a pivotal leadership change with the announcement on Monday that Alex Chriss, a seasoned executive from Intuit, will step into the role of President and CEO, succeeding the current CEO, Dan Schulman.
The decision, ratified by PayPal’s board, was unveiled through a press release and is slated to take effect on September 27, 2023.
Alex Chriss brings with him nearly two decades of experience at Intuit, having joined the company 19 years ago. Since January 2019, he has been occupying the influential position of Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Group. During his tenure, Chriss achieved remarkable growth in both customer base and revenues, showcasing a compounded annual growth rate of 20 percent for customers and an impressive 23 percent for revenues, according to a statement released by the board.
The decision to appoint Chriss garnered unanimous support from PayPal’s board and its CEO search committee. He was selected from a pool of nine qualified candidates, as disclosed in the official report.
Notably, PayPal had declared in February its intentions to streamline its workforce, resulting in the layoff of 2,000 full-time employees, accounting for approximately 7 percent of its staff.
Outgoing CEO Dan Schulman has been an instrumental figure since his entry into PayPal’s realm in 2014. Under his stewardship, the company experienced a resounding trajectory of growth, as its revenues surged from $9.2 billion in 2015 to an astounding $27.5 billion in 2022. This commendable expansion also reverberated in the total payment volume, which escalated fivefold from $288 billion in 2015 to an impressive $1.36 trillion in 2022.
Despite relinquishing his role as CEO, Schulman will continue to contribute his expertise as a member of PayPal’s board, maintaining his position until the upcoming annual meeting of stockholders, scheduled for May 2024.
