PayPal’s board announced on Monday that Alex Chriss, the executive who leads the Small Business and Self-Employed group for Intuit, will become the new CEO of the company. He will take over from longtime CEO Dan Schulman, starting September 27th.
About Alex Chriss
Alex Chriss has been chosen for his impressive leadership at Intuit, particularly his role in steering the company through its $12 billion acquisition of the marketing platform Mailchimp. His experience with small businesses and self-employed professionals aligns well with PayPal’s focus on providing financial services to a broad range of customers.
Selection Process
The selection process for the new CEO began in February, with Chriss being chosen from a pool of nine candidates. During the search, board members met with more than 20 investors, including activist investor Elliott Management, which accumulated an undisclosed stake in PayPal last summer. However, the board clarified that the firm had no role in the search process.
Dan Schulman’s Tenure
Dan Schulman has been at the helm of PayPal since the company’s split from eBay in 2015. Under his leadership, PayPal has reimagined financial services and e-commerce, working to improve the financial health of its customers. Schulman had previously announced his plan to step down by the end of the year but will remain a director at the company until May 2024.
In a statement, Schulman expressed pride in what the company has accomplished and praised the talented team at PayPal.
Market Reaction
Following the announcement, shares of PayPal were up around 1% on Monday morning, reflecting a positive market response to the news.
Conclusion
Alex Chriss’s appointment as PayPal’s new CEO marks a significant transition for the company. His background in working with small businesses and his leadership in significant acquisitions positions him well to build on PayPal’s remarkable history. As the company continues to innovate in the financial services and e-commerce space, Chriss’s leadership will be instrumental in guiding PayPal’s future direction. Schulman’s legacy of transformation and commitment to improving customer financial health sets a strong foundation for Chriss to take the baton and lead PayPal into its next chapter.
