PayPal taps Intuit executive as next CEO
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PayPal Holdings Inc. announced Monday that senior Intuit executive Alex Chriss will take over next month as CEO of the digital payments company.
Chriss will assume the role effective Sept. 27 after working for nearly two decades at Intuit. Chriss was tapped to lead PayPal following "unanimous support" from the board of directors and the company's CEO search committee. He will also join the board.
Chriss will replace Dan Schulman who announced in February that he planned to retire by the end of 2023. Schulman's announcement came just after the company said that it had to cut 7% of its workforce in order to right-size its cost structure amid the challenging economy.
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Incoming PayPal CEO Alex Chriss. Chriss is poised to take over next month after working at Intuit for nearly two decades. (PayPal)
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Chriss worked at Intuit for 19 years after serving in various leadership positions including small business group's chief product officer from 2017 to 2019. As an executive at Intuit, Chriss led the global organization of thousands of colleagues that delivered QuickBooks and Mailchimp to millions of users around the world.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS INC. | 85.79 | -1.52 | -1.74% |
John Donahoe, chair of the PayPal board, said that Chriss was the perfect person to take over given 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."
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Schulman, who will remain on the board until May 2024, first joined PayPal in 2014 to lead the company following its separation from eBay. Under Schulman, PayPal's market cap growth has outpaced the S&P 500 and its revenues increased from $9.2 billion in 2015 to $27.5 billion in 2022.