Intuit executive Alex Chriss will become the president and CEO of digital payments company PayPal next month.
Chriss will take over the CEO post from Dan Schulman, who told PayPal's board in February that he planned to retire at the end of the year. Schulman will stay on PayPal's board until its next annual shareholders meeting in May 2024.
In January PayPal announced that it would cut about 7% of its total workforce, or about 2,000 full-time workers, due to challenging macro-economic conditions.
Chriss, who has worked at Intuit for 19 years, has served as executive vice president and general manager of Intuit’s small business and self-employed group since January 2019. He led Intuit’s $12 billion acquisition of Mailchimp in 2021. Other Intuit products include TurboTax and Credit Karma.
Chriss will also join PayPal's board, effective Sept. 27.
PayPal Holdings Inc., which is based in San Jose, California, is the parent of Venmo, Xoom and Honey, among other brands. Its share rose 2% in Monday morning trading.
Before you consider PayPal, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and PayPal wasn't on the list.
While PayPal currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
