Paypal Holdings Inc. (PYPL) announced today today that Alex Chriss would be the company's new CEO. Shares of the company rose more than 2% in early trading Monday.
Key Points to Remember
- PayPal's new CEO, Alex Chriss, previously led Intuit's Small Business and Freelancers group, including QuickBooks and Mailchimp.
- Former CEO Dan Schulman originally announced that he would be leaving the company in February.
- PayPal has seen a lackluster performance in 2023, with shares down around 12% since the start of the ;year.
Chriss previously served as Executive Vice President and General Manager of the Small Business and Self-Employed Group at Intuit (INTU), a division that accounts for more than half of Intuit's revenue. Chriss was the driving force behind Intuit's $12 billion acquisition of marketing firm Mailchimp in 2021 and managed Intuit's flagship QuickBooks business.
Former PayPal CEO Dan Schulman announced his intention to step down in February. Schulman joined the company in 2014 following its separation from eBay (EBAY). During his tenure, revenues nearly tripled while payment volume quintupled.
PayPal released its second quarter results for fiscal year 2023 on August 2. As earnings per share and revenue beat analysts' forecasts, operating margins and trading costs declined and its share price lost ground. In June, PayPal reached an agreement to sell some of its “buy now, pay later” loans to private equity firm KKR.
The company that allows customers to trade and buy cryptocurrencies, expanded its operations by launching its own U.S. dollar-pegged stablecoin last week.
So far this year, PayPal shares are down about 12%.
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Source: investopedia.com