PayPal’s president and CEO Dan Schulman has announced his plans to retire from the payments giant on December 31st, 2023.
A successor has not yet been named, explains a press release published by PayPal, and that Schulman intends to assist the Board by creating a smooth leadership transition. Schulman will continue to serve on the board of directors.
The longstanding CEO began his tenure in 2014, stating: "Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers.
“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," Schulman added.
John 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.
Earlier this month, PayPal announced its plans to lay off 7% of its workforce (2,000 staff) amid a challenging macro-economic environment.
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