Paypal has found a new CEO and President. Alex Chriss, previously Executive Vice President at Intuit, will take office on September 27. Paypal announced this on Tuesday. Intuit is best known for software related to accounting and the preparation of tax returns. Chriss has been with this company for 19 years. He is currently leading the business with small corporate customers and sole proprietorships, which is showing very high growth rates. But now he’s switching to Paypal.
Alex Chriss will be Paypal’s next CEO.
There, Chriss will also receive a seat on the company’s board of directors. The 46-year-old has a bachelor’s degree in economics. Dan Schulman, Paypal’s current boss, announced his resignation in February. At that time it was said that he would remain in office until the end of the year. Now the transfer takes place a quarter earlier. Schulman will remain on PayPal’s board of directors until the next general meeting in May next year.
First change at the top since independence
Paypal was founded in 2018 under the name Confinity. The company went public in 2002, but was only briefly listed there. Ebay bought Paypal in the same year. At that time, the merger made sense, since a large part of the eBay sales went through Paypal and vice versa. Ebay’s own payment service, Billpoint, was discontinued as a result.
In 2015 Paypal was separated from Ebay and has since been listed again. Dan Schulman, who had previously worked at American Express, took over the management. Institutional investors expect a takeover offensive from his successor Chriss. Paypal’s margins are small, the acquisition of other companies should bring growth. However, Paypal shares fell about six percent on Tuesday.
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