US financial tech firm PayPal names new president, CEO

By Ovunc Kutlu

ISTANBUL (AA) - US-based multinational financial technology company PayPal announced Monday that its board of directors named a new president and CEO.

Alex Chriss, who currently serves on American business and financial software company Intuit's executive leadership team, will start his new role and also join the board on Sept. 27, PayPal said in a statement.

"PayPal is an extraordinary company that plays a critical role in the lives of consumers and merchants all over the world," said Chriss. "Throughout my career, I have championed small and medium businesses and entrepreneurs, who are the backbone of every economy in the world.”

Chriss, who joined Intuit 19 years ago, has served in increasing levels of leadership, as he implemented multiple strategic initiatives that transformed businesses inside the firm into sustainable growth, according to the statement.

During the five years leading Intuit's Small Business segment, he grew its customers and revenues at a compound annual growth rate of 20% and 23%, respectively, it added.

"I am proud to take the baton from Dan and thrilled to have the opportunity to work with PayPal's talented and committed team to build on PayPal's remarkable history and draw on its unique capabilities to deliver outstanding products and services to businesses and consumers," Chriss said.

Dan Schulman has been serving as PayPal's CEO since 2014. While he announced in February to leave his role by the end of 2023, he will remain on the board until May 2024, according to the statement.

PayPal's stock price climbed to $63.05 per share at 10:15 a.m. EDT on the Nasdaq for a gain of 2.45% after closing Friday at $61.54 a share.