In his role, Alex Chriss will replace Daniel Schulman who decided to leave the company in February, with retirement effective from December 31, 2023.
PayPal Holdings Inc (NASDAQ: PYPL) has announced that Alex Chriss will become its new CEO and president. Previously, Alex Chriss served as Executive Vice President and General Manager of Intuit QuickBooks, one of the leading small business fintech platforms. The appointment will take effect starting from September 27, 2023.
John Donahoe, Chair of the PayPal Board of Directors, commented:
“With his depth of experience in product development, his passion for serving customers and his longstanding commitment to empowering and enabling small businesses, and his proven track record of developing and inspiring his team, Alex is the perfect leader to take PayPal forward and accelerate the company’s growth opportunities. The Board search committee worked diligently and thoroughly to find the right candidate to take PayPal into its next stage of growth and expansion, and we are confident Alex is that person.”
In his role, Alex Chriss will replace Daniel Schulman who decided to leave the company in February, with retirement effective from December 31, 2023. In April, PayPal cut Schulman’s remuneration in a cost-cutting move as a result of the poor performance of the company in the past financial year.
After leaving, Schulman will continue working with the Board of Directors on “a smooth leadership transition”.
Daniel Schulman joined PayPal back in 2014. Under his leadership, PayPal made a number of acquisitions, including digital money transfer company Xoom Corporation, Swedish payment processor iZettle, tech company Honey, dispute automation and fraud prevention company Chargehound, and more. Besides, since Schulman joined PayPal, its shares have also skyrocketed by about 130% since 2015.
Now, Alex Chriss will be in charge of PayPal’s growth. Within the 19 years he spent at Intuit, Alex Chriss has become an expert in serving the global population of small businesses and self-employed businesses. Since January 2019, Chriss has been leading Intuit’s flagship QuickBooks business. Under his governance, Intuit acquired Mailchimp, a leading email marketing platform, for $12 billion.
Alex Chriss stated:
“PayPal is an extraordinary company that plays a critical role in the lives of consumers and merchants all over the world. Throughout my career, I have championed small and medium businesses and entrepreneurs, who are the backbone of every economy in the world. I am proud to take the baton from Dan and thrilled to have the opportunity to work with PayPal’s talented and committed team to build on PayPal’s remarkable history and draw on its unique capabilities to deliver outstanding products and services to businesses and consumers.”
On August 2, PayPal announced its Q2 2023 report which disappointed investors. Its adjusted operating margin for Q2 2023 came at 21.4%, lower than the 22% expected. PayPal’s earnings per diluted share totaled $0.92, while net revenue was $7.287 billion, up 7% from $6.806 billion in Q2 2022.
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