Intuit’s Alex Chriss chosen as the new PayPal CEO

The members of PayPal’s board announced that PayPal’s new CEO will be Alex Chriss. He currently runs the small business and self-employed group at Intuit.

Chriss will take over for PayPal’s present CEO Dan Schulman from Sept. 27. Schulman had earlier announced a plan to resign from the role by the end of 2023. He will stay a director at PayPal until May 2024.

Chriss said, “I am proud to take the baton from Dan and thrilled to can work with PayPal’s talented and committed team to build on PayPal’s remarkable history and draw on its unique capabilities to deliver outstanding products and services to businesses and consumers.”

Shares of PayPal were up almost 2% in morning trading.

PayPal’s board said Chriss was named for the role out of nine candidates. The selection process started in February. The board members expressed that the leadership of Chriss at Intuit impressed them, especially as he steered the firm through its $12 billion purchase of the marketing platform Mailchimp.

Members of the board came across over 20 investors while conducting the search operation for the new CEO.

Schulman became PayPal’s CEO in 2015. Almost a year ago, Schulman intimated the company of his decision to step down at the end of 2023.

Schulman said in a retirement statement, “I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day. Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers.”