PayPal Holdings Inc (NASDAQ:PYPL) shares are trading higher Monday after the company announced that Intuit Inc. (NASDAQ:INTU) executive Alex Chriss will serve as the company’s next CEO.
Chriss has been with Intuit for almost 20 years, most recently as the general manager of its small-business and self-employed group. He replaces Dan Schulman, who announced his intention to retire at the end of 2023 earlier this year.
Chriss will take the reigns on September 27, according to a statement. Schulman plans to remain on PayPal’s board until May 2024.
In a statement, Chriss said he intends “to build on PayPal’s remarkable history and draw on its unique capabilities to deliver outstanding products and services to businesses and consumers.”
PayPal stock gained 1.8% Monday morning to $62.62.
“With his depth of experience in product development, his passion for serving customers and his longstanding commitment to empowering and enabling small businesses, and his proven track record of developing and inspiring his team, Alex is the perfect leader to take PayPal forward and accelerate the company’s growth opportunities,” PayPal Chair John Donahoe said in a release.
On the horizon for Chriss is a big decision as to whether to combine the company’s PayPal and Venmo brands.
Furthermore, the incoming CEO will need to shift the narrative that Apple Pay is sucking up market share. Apple Pay are not currently able to use PayPal as a payment option.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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