PayPal taps Intuit’s Alex Chriss for CEO role
Add BT as a preferred source
PAYPAL Holdings said on Monday (Aug 14) that Alex Chriss, a top executive at tax-preparation software firm Intuit, would replace its longest-serving chief executive officer Dan Schulman on Sep 27.
The change of guard marks a watershed moment for digital payments giant PayPal, which has been looking to push deeper into the cryptocurrency payments space with the launch of a US dollar stablecoin last week.
Underwhelming margins have been troubling the San Jose, California-based company. Earlier this month, PayPal reported second-quarter adjusted operating margins of 21.4 per cent, missing its forecast of 22 per cent.
Chriss will be taking the helm at a time when cost-cutting has become a priority for PayPal, as it battens down the hatches to prepare for a potential slowdown.
In a post-earnings call, Schulman had said the company was in the final stages of selecting his successor.
Shares were up nearly 1 per cent, at US$62.02.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
In a separate statement, Intuit named Marianna Tessel the general manager of its Small Business and Self-Employed Group, a role currently held by Chriss.
Schulman’s legacy
Schulman was brought into PayPal to steer the firm as a standalone company after it split from e-commerce firm eBay in 2015.
Under him, PayPal became the first major financial technology firm to embrace digital currencies for payments and transfers.
The New Jersey native worked as a truck driver before being accepted into Middlebury College. Prior to his time at PayPal, he had worked at American Express and AT&T .
At PayPal, Schulman led the company’s foray into the buy now, pay later (BNPL) market, with interest in the sector running high. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Singtel H2 net profit down 20.9% at S$2.2 billion; telco open to Aussie minority partner in Optus
Apex court rejects resulting trust claim in 99-1 condo dispute
Singapore shipping veteran, SBF chair Teo Siong Seng and others accused by US of price fixing
