PayPal announces senior Intuit exec Alex Chriss as new CEO

Aug 15: PayPal is gaining a new CEO, the payments giant announced this morning. Effective September 27, 2023, senior Intuit executive Alex Chriss will become PayPal’s president and CEO, replacing current CEO Dan Schulman, members of PayPal’s board shared this morning in a press release.

The appointment was made after a months-long CEO search process focused on finding a new leader who had experience with global payments, products, and technology.

Like Schulman, Chriss was a long-serving member of his former employer, having joined Intuit 19 years ago, then growing his responsibilities over time. Since January 2019, he served as executive vice president and general manager of Intuit’s Small Business and Self-Employed Group, responsible for more than half of Intuit’s revenue. He’s overseen a global organization with thousands of employees tasked with delivering products like QuickBooks and Mailchimp to thousands of customers.

In his most recent leadership role, he grew its customers and revenues at a compound annual growth rate of 20% and 23%, respectively, the board’s announcement states. He also led Intuit’s $12 billion acquisition of Mailchimp in 2021.

Chriss has the unanimous support of PayPal’s board and its CEO search committee, who were tasked with finding a replacement for longtime CEO Schulman, who informed PayPal of his plans to retire at the end of last year. CNBC reports Chriss was chosen from a pool of nine candidates. The board also met with over 20 investors, including activist investor Elliott Management, its report noted.

(TechCrunch)