Dan Schulman, CEO of Paypal, attends Allen and Co.’s annual media conference. Sun Valley in Sun Valley, Idaho, July 10, 2019.
Gerard Miller | CNBC
PayPal said Thursday that CEO and president Dan Schulman will retire and leave the company at the end of 2023.
Schulman, who became PayPal CEO after splitting from eBay in 2015, informed the company of his decision to retire at the end of December. He will remain on the company’s board of directors. PayPal, the company is hiring a search company to find a successor.
“I’m proud of what we’ve achieved at PayPal and of the incredibly talented and dedicated people I work with every day,” Schulman said in a statement. “Together, we have reimagined financial services and e-commerce, while working to improve the financial health of our customers.”
The company announced Schulman’s impending departure on the same day it reported fourth-quarter 2022 earnings.
PayPal said its net revenue grew 7% year-over-year to $7.4 billion in the fourth quarter.
At the end of January, PayPal speak it will lay off 2,000 employees, or 7% of the company’s workforce. Schulman said in a statement at the time that PayPal was addressing a “challenging macroeconomic environment.”
PayPal stock is up about 130% since the 2015 fork, but the company has lost about three-quarters of its value since the stock’s peak in July 2021.
Shares of the company rose more than 4% in after-hours trading on Thursday to $81.70.
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CLOCK: Income exchange
