CEO Of PayPal, Aaron Karczmer, Is Leaving The Company

(CTN News) – As of April 30, PayPal’s Executive Vice President and Chief Enterprise Services Officer Aaron Karczmer will leave the company.

The Securities and Exchange Commission (SEC) reported on Monday (Feb. 12) that had reached a separation agreement with Karczmer, according to a filing with the SEC on Wednesday (Feb. 7).

The agreement provides for severance pay, a bonus, health benefits, equity award treatment, and outplacement services, according to the filing.

Earlier this week, PayPal CEO Alex Chriss announced that the company was about to embark on a ‘transitional year’ – the 12th year of the company’s existence.

PayPal reported a number of flat metrics during its earnings call on Wednesday, including a slowdown in growth and a churn of inactive accounts.

While the latest quarter’s results were “solid,” Chriss said that there is still much room for improvement and the company is committed to making the necessary changes to its business and how it invests and operates.

PayPal is restructuring its workforce as part of that process.

In an effort to “right-size” its workforce, the company announced Jan. 30 that it will eliminate 2,500 positions, or about 9% of its workforce.

After Chriss was appointed CEO of five months ago, PayPal laid off 2,000 employees, or 7% of its workforce, a year after it laid off 2,000 employees a year ago.

During the announcement of the latest round of layoffs, Chriss wrote: “While I have been encouraged by the innovation our team is delivering, we must execute faster and ensure we meet our customers’ most pressing needs.”

In August, PayPal named Chriss as its president and CEO following a months-long search for a successor to Dan Schulman, who announced in February 2023 that he intended to retire. In 2014, Schulman joined and led the company since it separated from eBay and became an independent public company in 2015.

Announcing the appointment, PayPal’s board chairman, John Donahoe, said Chriss, a longtime executive at Intuit, was “the ideal candidate to lead forward and accelerate its growth.”

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