Intuit Executive to Lead PayPal

September 27, 2021

Digital payments giant PayPal Holdings Inc. has announced that Alex Chriss, an executive at Intuit Inc., will become its next leader. Chriss, a veteran of nearly two decades at Intuit, will assume the role of CEO on September 27, succeeding current Chief Executive Dan Schulman. Schulman plans to step down around the end of 2023 but will remain on the board until May 2024.

According to PayPal Chair John Donahoe, Chriss is the perfect choice to lead the company forward and seize growth opportunities due to his extensive experience in product development, dedication to customer service, commitment to empowering small businesses, and proven leadership skills.

PayPal shares showed a nearly 2% increase shortly after the market opened on Monday.

Chriss expressed his enthusiasm for the role and stated that he aims to build on PayPal’s impressive history and leverage its unique capabilities to deliver exceptional products and services to businesses and consumers.

Since separating from eBay Inc. in 2015, PayPal has experienced a turbulent journey. The company initially benefited greatly from the surge in interest in digital payments during the pandemic-induced stay-at-home economy, making it more valuable than Mastercard Inc. However, its shares have since declined significantly from their pandemic-era highs.

Analyst Dan Dolev from Mizuho believes that Chriss’ appointment comes as somewhat of a surprise but emphasizes that he will inherit a fixable situation. Dolev highlights that changing the narrative of Apple Pay share losses is a top priority for PayPal, as it is currently the main factor dragging down its stock performance. Additionally, Chriss will need to make a crucial decision regarding whether to combine the PayPal and Venmo brands.

Overall, Chriss’s appointment holds great promise for PayPal’s future growth and continued success in the digital payments industry.