Nine years ago, former eBay CEO John Donahoe named Dan Schulman head of PayPal prior to the companies’ split in 2015, and in his current role as Chairman of the PayPal Board, Donahoe had a say in naming Schulman’s replacement this week.
Intuit executive Alex Chriss will take over from Schulman as PayPal CEO on September 27, while Schulman will remain on the PayPal Board until its next annual shareholder meeting in May 2024.
Chriss joined Intuit 19 years ago and was most recently the Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Group and was credited with leading “a global organization of thousands of colleagues that delivered QuickBooks and Mailchimp to millions of users around the world.”
“During the five years that Chriss led the Small Business segment, he grew its customers and revenues at a compound annual growth rate of 20% and 23%, respectively,” PayPal said in Monday’s press release, which also noted he had led Intuit’s $12 billion acquisition of Mailchimp in 2021.
Activist investor Elliot Management had reportedly targeted PayPal last summer, and in January of this year, PayPal announced plans to lay off 2,000 full time employees (about 7% of its total workforce). A month later, Schulman announced his plans to step down by the end of the year, but he waited until PayPal’s big crypto announcement last week before naming his replacement.
Donahoe, who became CEO of Nike in 2020 after serving on its board since 2014, said of Chriss in today’s announcement; “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.”
Chriss was quoted in the announcement: “PayPal is an extraordinary company…
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