PayPal CEO Dan Schulman to retire by end of 2023
US payments giant PayPal’s president and CEO Dan Schulman is set to retire from the company on 31 December 2023.
PayPal says it will soon begin its search for Schulman’s successor, with Schulman set to continue serving on the board of directors.
Schulman joined PayPal in 2014. Since then, PayPal claims its revenues have 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. The firm says total payment volume has grown 5x from $288 billion in 2015 to $1.36 trillion in 2022.
Schulman says PayPal has “reimagined financial services and e-commerce, and worked to improve the financial health of our customers”.
“I’m at a point in my life where I want to devote more time to my passions outside the workplace,” Schulman says. “I remain 100% 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.”
The news follows PayPal’s decision to lay off 2,000 staff last week.