PayPal names Intuit’s Alex Chriss as the new CEO

PayPal has named longtime executive Alex Chriss as its new CEO — picking a respected internal candidate to lead the global payments giant.

In an announcement on Monday, members of PayPal’s board said that Alex Chriss, the current head of Intuit’s Small Business and Self-Employed group, has been selected as the new CEO of PayPal.

He will succeed the long-serving CEO, Dan Schulman, starting on September 27th. Schulman had previously outlined his intention to step down by the year’s end and will continue serving as a director until May 2024.

After evaluating a pool of nine candidates, PayPal’s board decided on Chriss for the role. The selection process commenced in February, and the board was particularly impressed by Chriss’ leadership during his tenure at Intuit, notably guiding the company through its significant $12 billion acquisition of the marketing platform Mailchimp.

This is breaking news. Please check back for updates.