PayPal‘s new CEO can be Alex Chriss, the chief who runs the small business and self-employed group at Intuit, members of PayPal’s board introduced Monday.
Chriss will take over for PayPal’s longtime CEO Dan Schulman starting Sept. 27. Schulman had beforehand introduced a plan to step down from the function by the tip of the yr. He will stay a director on the firm till May 2024.
“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,” Chriss mentioned in a launch Monday.
Shares of PayPal closed up greater than 2% Monday.
PayPal’s board mentioned Chriss was chosen for the function out of a pool of 9 candidates. The choice course of started in February. The board members mentioned they had been impressed by Chriss’ management at Intuit, notably as he steered the corporate by means of its $12 billion acquisition of the advertising and marketing platform Mailchimp.
Members of the board additionally met with greater than 20 traders, together with activist investor Elliott Management, whereas conducting the seek for the brand new CEO. Last summer season, Elliott Management collected an undisclosed stake in PayPal. The board members mentioned the agency had no function within the search.
Schulman turned PayPal’s CEO after the break up from eBay in 2015, and he notified the corporate of his choice to retire on the finish of December final yr.
“I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day,” Schulman mentioned in a assertion saying his choice. “Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers.”
Source: www.cnbc.com