Intuit's Alex Chriss named new PayPal CEO

PayPal's caller CEO volition beryllium Alex Chriss, the enforcement who runs the Small Business and Self-Employed radical for Intuit, members of PayPal's committee announced Monday.

Chriss volition instrumentality implicit for PayPal's longtime CEO Dan Schulman opening Sept. 27th. Schulman had antecedently announced a program to measurement down from the relation by the extremity of the year. He volition stay a manager astatine the institution until May 2024.

"I americium arrogant to instrumentality the baton from Dan and thrilled to person the accidental to enactment with PayPal's talented and committed squad to physique connected PayPal's singular past and gully connected its unsocial capabilities to present outstanding products and services to businesses and consumers," Chriss said successful a release Monday.

Shares of PayPal were up astir 2% successful premarket trading Monday.

PayPal's committee said Chriss was chosen for the relation retired of a excavation of 9 candidates. The enactment process began backmost successful February. The committee members said they were impressed by Chriss' enactment astatine Intuit, peculiarly arsenic helium steered the institution done its $12 cardinal acquisition of the selling level Mailchimp.

Members of the committee besides met with much than 20 investors, including activistic capitalist Elliott Management, portion conducting the hunt for the caller CEO. Last summer, Elliott Management accumulated an undisclosed stake in PayPal. The committee members said the steadfast had nary relation successful the search.

Schulman became PayPal's CEO aft the divided from eBay in 2015, and helium notified the institution of his determination to discontinue astatine the extremity of December past year.

"I'm arrogant of what we person accomplished astatine PayPal and of the incredibly talented and committed radical I enactment with each day," Schulman said successful a statement announcing his decision. "Together, we person reimagined fiscal services and e-commerce, and worked to amended the fiscal wellness of our customers."