PayPal is gaining a new CEO, the payments giant announced this morning. Effective September 27, 2023, senior Intuit executive Alex Chriss will become PayPal’s President and CEO, replacing current CEO Dan Schulman, members of PayPal’s board shared this morning in a press release.

The appointment was made after a months-long CEO search process focused on finding a new leader with experience in global payments, product, and technology.

A Seasoned Leader with Extensive Experience

Like Schulman, Chriss was a long-serving member of his former employer, having joined Intuit 19 years ago and gradually growing his responsibilities over time. Since January 2019, he served as Executive Vice President and General Manager of Intuit’s Small Business and Self-Employed Group, responsible for more than half of Intuit’s revenue. As the head of a global organization with thousands of employees, Chriss successfully delivered products like QuickBooks and Mailchimp to thousands of customers.

In his most recent leadership role, Chriss achieved remarkable growth, with a compound annual growth rate of 20% and 23% for customers and revenues, respectively. He also played a pivotal role in Intuit’s acquisition of Mailchimp for $12 billion in 2021.

Chriss enjoys unanimous support from PayPal’s board and its CEO search committee, who considered nine candidates for the position. The board held discussions with over 20 investors, including Elliott Management, an activist investor, during the selection process.

The Ideal Leader for PayPal’s Growth

John Donahoe, Chair of the PayPal Board of Directors, expressed confidence in Chriss, stating, “With his depth of experience in product development, his passion for serving customers, his commitment to empowering 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.”

Joining PayPal at a Time of Restructuring

Chriss assumes the role of CEO during a period of restructuring for PayPal. In February, the company announced a workforce reduction, laying off 2,000 full-time employees, or 7% of its workforce, due to the macroeconomic environment. Approximately $600 million in savings resulting from the restructuring will be reinvested in initiatives such as passwordless checkout, one-click in-app experiences, and the utilization of artificial intelligence for advanced checkout flows.

Gratitude to the Outgoing CEO

Donahoe extended his gratitude to the departing CEO, Dan Schulman, for his outstanding leadership during PayPal’s eight years of growth as an independent company. Schulman joined PayPal in 2014 following its separation from eBay, and under his guidance, the company’s revenues skyrocketed from $9.2 billion in 2015 to $27.5 billion in 2022. The number of total active accounts more than doubled to over 430 million across 200 markets, and the total payment volume increased five-fold from $288 billion in 2015 to $1.36 trillion in 2022.

Expressing his pride in PayPal’s accomplishments, Schulman said, “It has been a huge privilege to have the opportunity to lead this great company for the past 8 1/2 years. However, I’m at a point in my life where I want to devote more time to my passions outside the workplace. I remain 100 percent committed to working closely with the Board and my eventual successor for a smooth transition and to ensure we keep our positive momentum on track.” Schulman will continue serving on PayPal’s board until its next annual meeting of stockholders in May 2024.

Positive Investor Response

Investors are reacting favorably to PayPal’s announcement, as the stock has already increased nearly 2% this morning.