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Dan Schulman, the current CEO of PayPal, joined the company in 2014.
Dream time
PayPal Holdings has named Inuit CEO Alex Chriss as its next CEO. Investors in the payments company hope he can put an end to the sharp slide in its shares, which is losing the gains made during the Covid-19 pandemic.
Chris will be CEO
PayPal
(Stock ticker: PYPL) on September 27. He currently runs the Small Business and Freelance group for a business software company
gut instinct
(INTU).
“The appointment follows a comprehensive CEO search, conducted by the Board over the past months, with a mandate to appoint a next-generation leader with extensive global experience in payments, products and technology,” PayPal said in a statement. statement.
PayPal previously said that current CEO Dan Schulman will retire by the end of this year. He joined the company in 2014 and led the company after its separation from
ebay
(eBay). Schulman will remain on the PayPal board of directors until May next year.
PayPal shares rose 1.3% to $62.33 in early trading Monday. PayPal shares have doubled in Schulman’s tenure, but they’re trading well below Covid-19 pandemic highs of more than $300 as investors fret about shrinking margins and slowing growth in the number of active accounts.
Write to Adam Clark at adam.clark@barrons.com