The board of PayPal said Monday that Alex Chriss, the executive who oversees the small business and self-employed department at Intuit, will take over as the company’s next CEO.
Starting on September 27, Chriss will succeed Dan Schulman as PayPal’s veteran CEO. By the end of the year, Schulman would leave the position, as he had already stated. Till May 2024, he will still serve as a director for the business.
In a release on Monday, Chriss said, “I am proud to take the reins 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.
In early trading on Monday, PayPal shares increased by over 2%.
Chriss was selected for the position from a field of nine applicants, according to the PayPal board. February marked the start of the hiring process. The board members praised Chriss for his leadership at Intuit, especially for guiding the business through its $12 billion acquisition of the marketing platform Mailchimp.