PayPal Shifts Leadership to Intuit’s Alex Chriss after Stablecoin Launch

PayPal Shifts Leadership to Intuit’s Alex Chriss after Stablecoin Launch

Time Stamp: August 14, 2023 6:21 PM
Source Node: 2823734

A week
after launching PYUSD, its own US-dollar-denominated stablecoin , the global
payments giant, PayPal has
unveiled Alex Chriss, a top executive at Intuit, as its new President and Chief
Executive Officer. Chriss is to take over the position from Dan Schulman
who has managed
the role for nearly a decade.

PayPal
announced Chriss’s appointment today (Monday), noting that the current Executive
Vice President and General Manager of the Small Business and
Self-Employed Group unit at Intuit, will formally step into the new role on
September 27, 2023. However, Schulman who announced his intention
to retire from
PayPal earlier this year will remain on the Board of the firm until the company’s next annual stakeholder meeting billed for May
next year.

Speaking about Chriss’ appointment, PayPal praised Chriss’s leadership experience at
Intuit, including leading teams that helped the
American financial software business to deliver cloud-based accounting software,
QuickBooks and email marketing platform, Mailchimp to millions of users
globally.

“During the
five years that Chriss led the Small Business segment [at Intuit], he grew its
customers and revenues at a compound annual growth rate of 20% and 23%,
respectively,” PayPal stated. “In 2021, he led Intuit’s successful $12 billion
acquisition of Mailchimp, significantly expanding the capacity of Intuit’s
platform and its customer base.”

With this experience, John Donahoe, the Chair of the PayPal Board of Directors, believes that Chriss is “the
perfect leader to take PayPal forward and accelerate the company’s growth
opportunities.” As part of the appointment, Chriss is expected to join PayPal’s
Board.

‘Next Generational Leader’

Meanwhile,
PayPal said it had picked Chriss for the top position after completing a
thorough search process that lasted for several months. The firm noted its
goal was to appoint “a next-generation leader with extensive global payments,
products, and technology experience, capable of driving growth across the
PayPal platform for years to come.”

Chriss, who
joined Intuit in July 2004 as the Group Manager for Business Development and
Channel Sales, boasts nearly two decades of financial industry experience.

Intuit, an
American financial software company, is the brand behind QuickBooks, Mailchimp,
tax preparation software, TurboTax, and credit monitoring service, Credit
Karma.

A week
after launching PYUSD, its own US-dollar-denominated stablecoin , the global
payments giant, PayPal has
unveiled Alex Chriss, a top executive at Intuit, as its new President and Chief
Executive Officer. Chriss is to take over the position from Dan Schulman
who has managed
the role for nearly a decade.

PayPal
announced Chriss’s appointment today (Monday), noting that the current Executive
Vice President and General Manager of the Small Business and
Self-Employed Group unit at Intuit, will formally step into the new role on
September 27, 2023. However, Schulman who announced his intention
to retire from
PayPal earlier this year will remain on the Board of the firm until the company’s next annual stakeholder meeting billed for May
next year.

Speaking about Chriss’ appointment, PayPal praised Chriss’s leadership experience at
Intuit, including leading teams that helped the
American financial software business to deliver cloud-based accounting software,
QuickBooks and email marketing platform, Mailchimp to millions of users
globally.

“During the
five years that Chriss led the Small Business segment [at Intuit], he grew its
customers and revenues at a compound annual growth rate of 20% and 23%,
respectively,” PayPal stated. “In 2021, he led Intuit’s successful $12 billion
acquisition of Mailchimp, significantly expanding the capacity of Intuit’s
platform and its customer base.”

With this experience, John Donahoe, the Chair of the PayPal Board of Directors, believes that Chriss is “the
perfect leader to take PayPal forward and accelerate the company’s growth
opportunities.” As part of the appointment, Chriss is expected to join PayPal’s
Board.

‘Next Generational Leader’

Meanwhile,
PayPal said it had picked Chriss for the top position after completing a
thorough search process that lasted for several months. The firm noted its
goal was to appoint “a next-generation leader with extensive global payments,
products, and technology experience, capable of driving growth across the
PayPal platform for years to come.”

Chriss, who
joined Intuit in July 2004 as the Group Manager for Business Development and
Channel Sales, boasts nearly two decades of financial industry experience.

Intuit, an
American financial software company, is the brand behind QuickBooks, Mailchimp,
tax preparation software, TurboTax, and credit monitoring service, Credit
Karma.

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