SAN FRANCISCO, Aug. 14 (Xinhua) — U.S. payments giant PayPal announced Monday that its senior Intuit executive Alex Chriss will become the new president and CEO, replacing current CEO Dan Schulman.
The members of PayPal’s board shared the appointment, effective on Sept. 27, 2023, in a press release.
Chriss joined Intuit 19 years ago. Since January 2019, he served as Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Group.
He grew customers and revenues at a compound annual growth rate of 20 percent and 23 percent, respectively, the board’s announcement said.
Chriss has the unanimous support of PayPal’s board and its CEO search committee. Chriss was chosen from a pool of nine candidates, according to the report.
PayPal announced in February it was laying off 2,000 full-time employees, or 7 percent of its workforce.
Schulman first joined PayPal in 2014. Under his leadership, PayPal grew its revenues from 9.2 billion U.S. dollars in 2015 to 27.5 billion dollars in 2022. Total payment volume also increased 5 folds from 288 billion dollars in 2015 to 1.36 trillion dollars in 2022, the company said.
Schulman will remain on PayPal’s board until its next annual meeting of stockholders in May 2024.
SAN FRANCISCO, August 14 (Xinhua) – U.S. payments giant PayPal announced on Monday the appointment of Alex Chriss, a senior Intuit executive, as its new president and CEO to succeed the current CEO Dan Schulman. The appointment, effective from September 27, 2023, was shared by PayPal’s board in a press release. Alex Chriss joined Intuit 19 years ago and has been serving as Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Group since January 2019. During his tenure, he achieved a compound annual growth rate of 20 percent and 23 percent for customers and revenues, respectively, as stated by the board. Chriss received unanimous support from PayPal’s board and its CEO search committee, beating out eight other candidates. In February, PayPal announced its decision to lay off 2,000 full-time employees, amounting to 7 percent of its workforce. Dan Schulman, the outgoing CEO, joined PayPal in 2014 and has played a pivotal role in its growth. Under his leadership, PayPal’s revenues soared from $9.2 billion in 2015 to $27.5 billion in 2022, while the total payment volume increased fivefold from $288 billion in 2015 to $1.36 trillion in 2022. Schulman will continue to serve on PayPal’s board until the next annual meeting of stockholders in May 2024.
Credit: The Star : News Feed
