PayPal Appoints Alex Chriss as President and CEO, Effective September 27

(Source: PayPal)

PayPal Holdings, Inc. (PayPal), a leading provider of digital payment solutions, announced the appointment of Alex Chriss, a senior Intuit executive, as President and CEO, as well as a member of the Board, effective September 27, 2023. In his new role, Alex will be responsible for driving growth across the PayPal platform for years to come.

With extensive global payments, product, and technology experience, Alex will join PayPal from Intuit, an American business software company that specializes in financial software, where he has been with for over 19 years. Alex currently served as EVP and General Manager for Small Business and Self-Employed Group at Intuit since January 2019, responsible for more than half of the firm's revenue.

During the five years that Alex led the Small Business segment, he grew its customers and revenues at a compound annual growth rate of 20% and 23%, respectively. In 2021, he led Intuit's successful $12 billion acquisition of Mailchimp, significantly expanding the capacity of Intuit's platform and its customer base. Between 2017 and 2019, Alex held role of Chief Product Officer for Intuit Small Business Group, overseeing and implementing multiple strategic initiatives that transformed business inside Intuit into sustainable growth engines for the company.

John Donahoe, Chair of the PayPal Board of Directors, commented on the appointment: "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. 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."

Donahoe added: "On behalf of the Board, I also want to thank Dan Schulman for his outstanding leadership during PayPal's eight years of growth as an independent company. Dan made many major contributions to PayPal and helped establish the strong foundation for the future. Our Board and our leadership team are looking forward to working with Alex to continue to fulfill PayPal's potential as one of the world's leading digital payments platforms and to expand the value we create for our customers and shareholders."

Alex Chriss, PayPal's incoming President and CEO, said: "PayPal is an extraordinary company that plays a critical role in the lives of consumers and merchants all over the world. Throughout my career, I have championed small and medium businesses and entrepreneurs, who are the backbone of every economy in the world. I am proud to take the baton from Dan and thrilled to have the opportunity to work with PayPal's talented and committed team to build on PayPal's remarkable history and draw on its unique capabilities to deliver outstanding products and services to businesses and consumers."

Earlier this month, the payment leader released its financial results for the second quarter of 2023, recording the total payment volume of $376.5 billion with a yearly basis of 11% and the net revenues of $7.3 billion with a yearly basis of 7%.