The digital payment giant “PayPal”, which is now “trying its hand” at the cryptocurrency market, announced on Monday that changes in the company’s management are expected. As of September 27, the current executive vice president of Intuit, Alex Chris, will take over the reins, who will have to assume the duties of president and CEO of PayPal.
The change in management of PayPal is not unexpected. The company has been searching for months for a candidate to replace current CEO Dan Shulman. Shulman, who has led PayPal since 2014, announced on February 9 this year that he plans to retire. During these years, Shulman led the company through various challenges, and it must be said that it was successful. Under his leadership, PayPal has enjoyed some of its most successful years, fueled by the pandemic and the surge in digital payments it has fueled. According to the company, the total amount of payments between 2015 and 2022 increased fivefold to $1.36 trillion. At the same time, PayPal’s revenue has almost tripled during this time to $27.5 billion in 2022.
True, due to the economic recession, PayPal, like other companies, had to look for ways to reduce their expenses. Of course, this also happened at the expense of layoffs, around 2,000 workers were laid off in January of this year.
As for PayPal’s future new CEO, the company wanted someone with experience in global payments, products and technology. Alex Chris apparently is. He spent the last 19 years at Intuit, where he was responsible for an 8,000-employee division that delivered QuickBooks and Mailchimp products to small and large business customers.
2023-08-15 05:00:00
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