Paypal To Start Searching For A New CEO After Dan Schulman Leaves At The End Of 2023

PayPal announced on Thursday that CEO Dan Schulman will retire and depart the firm at the end of 2023.

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Schulman, who became CEO of PayPal following its 2015 separation from eBay, informed the firm of his intention to retire at the end of December. He will continue on PayPal's board of directors, which has hired a search agency to select his replacement.

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Schulman stated in a statement, "I'm pleased of what we've done at PayPal and of the extraordinarily brilliant and dedicated individuals I deal with every day." Together, we have rethought financial services and e-commerce and worked to enhance our consumers' financial health.

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Since the 2015 separation, PayPal shares have increased by almost 130 percent. Since the stock's peak in July 2021, the company's worth has decreased by about three-quarters.

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Late in January, PayPal said it will lay off 2,000 people, or 7% of its total staff. Schulman stated at the time that PayPal was tackling the "difficult macroeconomic situation" in a statement.

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Elliott Management accumulated an unknown investment in PayPal during the summer of 2013. Schulman stated on Thursday in an interview that Elliott did not exert any pressure on him. Schulman stated, "We haven't communicated much over the past quarter." 

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"Jesse and I are excellent friends," he remarked, referring to the managing partner of Elliott Management, Jesse Cohn. Because he has been so supportive, I'm sure he is shocked and surprised by this announcement.

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Schulman noted that PayPal's board just wants to identify the best candidate and that it will "search both inside and externally."

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He stated that PayPal is "in a solid position" and "in a position to produce a successful year" and that the board will have sufficient time to identify a replacement.

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Schulman stated, "The time was perfect." "It makes sense."

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PayPal disclosed Schulman's impending resignation with its financial report for the fourth quarter. The company's fourth-quarter net sales increased 7% year-over-year to $7.4 billion.