(CTN News) – As announced by the board of PayPal on Monday, Alex Chriss will become PayPal’s new CEO, reporting to the executive who runs the Small Business and Self-Employed group for Intuit.
From the 27th of September, Chriss will take over PayPal’s longtime CEO, Dan Schulman, stepping into his shoes. Schulman had previously announced that he intended to step down from his position by the end of the year.
It is expected that he will remain a director at the company until May 2024.
“I am delighted to have the opportunity to take the baton from Dan, and I am grateful to be able to work with PayPal’s talented and committed team to build on PayPal’s remarkable history, while drawing upon its unique capabilities to deliver outstanding products and services to businesses and consumers alike,” Chriss said in a press release.
There was an increase of around 1% in shares of PayPal on Monday morning.
Among nine candidates who applied for the role, PayPal’s board decided to hire Chriss for the position. It was back in February that the selection process started.
It was noted that Intuit’s board members were impressed with Chriss’s leadership during his time at the company, particularly when it came to guiding the company through its $12 billion acquisition of the marketing platform Mailchimp.
While conducting the search for the new CEO, members of the board met with more than 20 investors, including activist investor Elliott Management, as part of their search for the new CEO.
Elliott Management accumulated an undisclosed stake in PayPal during the summer of last year. There was no role for the firm in the search process, according to the board members.
As a result of PayPal’s split from eBay in 2015, Schulman became the company’s CEO. Announcing his intention to retire at the end of December last year, Schulman informed the company of his decision to retire.
“I am really proud of everything we have accomplished at PayPal and of the incredibly talented and committed people I work with every day,” Schulman said in a statement announcing his decision.
Together, we have reimagined financial services and e-commerce, and have worked to improve the financial health of our customers by improving their financial health.”