Intuit executive Alex Chriss will become the president and CEO of digital payments company PayPal next month.
Chriss will take over the CEO post from Dan Schulman, who told PayPal's board in February that he planned to retire at the end of the year. Schulman will stay on PayPal's board until its next annual shareholders meeting in May 2024.
In January PayPal announced that it would cut about 7% of its total workforce, or about 2,000 full-time workers, due to challenging macro-economic conditions.
Chriss, who has worked at Intuit for 19 years, has served as executive vice president and general manager of Intuit’s small business and self-employed group since January 2019. He led Intuit’s $12 billion acquisition of Mailchimp in 2021. Other Intuit products include TurboTax and Credit Karma.
Chriss will also join PayPal's board, effective Sept. 27.
PayPal Holdings Inc., which is based in San Jose, California, is the parent of Venmo, Xoom and Honey, among other brands. Its share rose 2% in Monday morning trading.
