SAN FRANCISCO: US payments giant PayPal announced Monday that its senior Intuit executive Alex Chriss will become the new president and CEO, replacing current CEO Dan Schulman.
According to Xinhua, 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 per cent and 23 per cent, 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 per cent of its workforce.
Schulman first joined PayPal in 2014. Under his leadership, PayPal grew its revenues from US$9.2 billion in 2015 to US$27.5 billion in 2022.
Total payment volume also increased 5 folds from US$288 billion in 2015 to US$1.36 trillion in 2022, the company said.
Schulman will remain on PayPal’s board until its next annual meeting of stockholders in May 2024.– BERNAMA-XINHUA
