Press release
President and CEO Dan Schulman Announces Intention to Retire from PayPal at Year-End
Board to Initiate Search for Successor SAN JOSE, Calif., Feb. 9, 2023 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that President and
About this update from Paypal Holdings, Inc.
[{"type":"text","content":"Board to Initiate Search for Successor\nSAN JOSE, Calif., Feb. 9, 2023 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced that President and CEO Dan Schulman has informed the Board of Directors of his intention to retire from PayPal on December 31, 2023, and that he will work with the Board on a smooth leadership transition. Schulman will continue to serve on the Board of Directors. The Board will retain a search firm to help find Schulman's successor.\n\"I'm proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day,\" said Schulman. \"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. It has been a huge privilege to have the opportunity to lead this great company for the past 8 1/2 years. However, I'm at a point in my life where I want to devote more time to my passions outside the workplace. I remain 100 percent committed to working closely with the Board and my eventual successor for a smooth transition and to ensure we keep our positive momentum on track.\"\nJohn Donahoe, Chairman of the PayPal Board, stated, \"Dan has made an extraordinarily positive and lasting impact on PayPal and our people. 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. He has delivered for our shareholders and other stakeholders. On behalf of the entire Board, I want to thank Dan for his service to date and his commitment to support a smooth transition.\"\nSchulman joined PayPal in 2014 to lead the Company as an independent public company following its separation from eBay. Under his leadership, PayPal's market cap growth has outpaced the S&P 500. Revenues increased from $9.2 billion in 2015 to $27.5 billion in 2022, with total active accounts more than doubling to over 430 million in 200 markets. Total payment volume grew 5X from $288 billion in 2015 to $1.36 trillion in 2022. Under Schulman's leadership, PayPal introduced customer choice and expanded PayPal's partnerships and impact throughout the...