PayPal names Intuit exec Alex Chriss CEO

Chriss, currently EVP and general manager of Intuit’s small business and self-employed group, takes on the PayPal job in September, when he will also join the board.

His appointment comes after a months-long search for a successor to Schulman, who announced his plan to retire in February after an eight year stint that began as the firm split from eBay.

Last year PayPal missed revenue, adjusted operating margin and net new active users targets, prompting Schulman’s pay to fall by 32%.

As it faces up to a tough economic climate, the company has been looking to cut costs and enter new areas, including through the recent launch of its own stablecoin.

Says Chriss: “I am proud to take the baton from Dan and thrilled to have the opportunity to work with PayPal’s talented and committed team to build on PayPal’s remarkable history and draw on its unique capabilities to deliver outstanding products and services to businesses and consumers.”