PayPal Appoints Former Intuit Executive Alex Chriss as New CEO, Replacing Retiring Schulman

PayPal Holdings Inc. names Alex Chriss, a former Intuit executive, as its new CEO, succeeding the retiring Dan Schulman next month. Chriss's past achievements include advancing QuickBooks and Mailchimp to global prominence.

As per Fox Business, Paypal’s incoming new chief was a former executive at Intuit Inc., an American business software company that specializes in financial software. Although Schulman is formally stepping down at the of this year, Chriss is already taking over next month. The new CEO will start working as Paypal’s chief effective Sept. 27.

Schulman announced his intention to retire in February, but he will continue to serve on the Board of Directors. His declaration came not long after PayPal said it had to lay off about seven percent of its workforce to bring down the cost to just the right size amid the difficult economic situation.

"I am proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day," the exiting CEO said in a statement in February. "Together, we have reimagined financial services and e-commerce and worked to improve the financial health of our customers. PayPal makes a difference every day for its customers and communities and the Company is positioned for a great future.”

In any case, Chriss held various leadership positions throughout the 19 years he worked for Intuit. As an executive there, one of his most remarkable achievements was leading the company and his colleagues in bringing QuickBooks and Mailchimp to millions of users around the world.

Now he is leaving Intuit to start a new career with PayPal. He was chosen as the new CEO by the search committee and earned the unanimous votes of the board, where he is also set to join.

"With his depth of experience in product development, his passion for serving customers and his longstanding commitment to empowering and enabling small businesses, and his proven track record of developing and inspiring his team, Alex is the perfect leader to take PayPal forward and accelerate the company's growth opportunities," chairman of PayPal’s Board of Directors, John Donahoe, said in a press release.

He added, "The Board search committee worked diligently and thoroughly to find the right candidate to take PayPal into its next stage of growth and expansion, and we are confident Alex is that person."

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