PayPal has appointed Intuit‘s current VP and CPO Alex Chriss as its new company president and CEO.
Speaking on the thorough search process for a new CEO, PayPal described Chriss as having the “unanimous” support of its CEO search committee.
Chriss joined Intuit 19 years ago and presently leads its small business and self-employed teams. In 2021, he oversaw Intuit’s $12bn acquisition of MailChimp.
Speaking on the appointment, PayPal’s board of directors chair John Donahoe described Alex Chriss as the “perfect leader to take PayPal forward and accelerate the company’s growth opportunities”.
Donahoe explained: “The board search committee worked diligently and thoroughly to find the right candidate, and we are confident Alex is that person.”
PayPal clarified that its current president and CEO, Dan Schulman, will remain on its board until the company’s next annual stockholders’ meeting in May 2024.
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Chriss’ appointment comes shortly after PayPal announced that it was releasing its own stablecoin named PayPal USD (PYUSD) and introduced a new Cryptocurrencies Hub.
The Hub allows users to manage their crypto assets alongside PYUSD.
The app now enables users to buy, hold and sell crypto within the US and US territories (excluding Hawaii).
GlobalData’s 2023 Thematic Intelligence report into cryptocurrencies signals that interest in the theme is growing despite the 2022 crypto winter.
The competitive landscape is hard to predict due to the ever-changing regulatory landscape of crypto, but with the EU’s upcoming Markets in Crypto-Assets bill crypto may spark further investment and interest.
As PayPal focuses itself on crypto, incoming CEO Alex Chriss is keen “to build on PayPal’s remarkable history and draw on its unique capabilities to deliver outstanding products and services”.
Chriss stated: “PayPal is an extraordinary company that plays a critical role in the lives of consumers and merchants, who are the backbone of every economy in the world.”