Daniel Schulman/PopTech/CC BY-S.A 2.0.
PayPal CEO Dan Schulman to step down
After eight and a half years leading the payments giant, Schulman will resign on 31 December 2023.
PayPal’s president and CEO Dan Schulman is stepping down at the end of the year.
He plans to retire from the payments giant on 31 December 2023, and will continue to serve on the board of directors.
Schulman has been with the company since 2014, joining to lead it as a public company following its separation from eBay.
According to the company, its revenues almost tripled under Schulman’s leadership from $9.2bn in 2015 to $27.5bn in 2022, with active accounts more than doubling to more than 430 million in 200 markets.
“I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day,” Schulman said.
“Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers. PayPal makes a difference every day for its customers and communities and the company is positioned for a great future.”
Schulman said it has been a “huge privilege” to lead PayPal over the past eight and a half years, but now wants to devote more time to his passions outside of work.
He added that he remains “100 per cent committed” to working with the board and his eventual successor to ensure a smooth transition and that the company keeps its “positive momentum on track”.
“His decision to retire marks the end of a remarkable run that has seen impressive accomplishments in establishing PayPal as one of the world’s most trusted brands and as the leader in democratizing the management and movement of money.”
The news of Schulman’s resignation follows his announcement that the company would be laying off around 2,000 employees due to the “challenging macroeconomic environment” two weeks ago.
PayPal is cutting its global force by around seven per cent in an effort to cut costs.