Shulou(Shulou.com)11/24 Report--

According to news in the morning of February 10, Beijing time, PayPal, an American online payment company, said on Thursday local time that CEO Dan Schulman (Dan Schulma) would retire and leave the company at the end of 2023.

In 2015, Schulman became CEO of PayPal after the separation of PayPal and eBay.

He informed the company that he had decided to retire at the end of December, but he would still be a member of PayPal's board of directors. In response, PayPal said it was hiring a headhunter to find a successor.

"I am proud of what we have achieved at PayPal and the talented and dedicated people I work with every day," Schulman said in a statement. "together we have reconceived financial services and e-commerce and worked hard to improve the financial health of our customers."

PayPal's share price has risen about 130 per cent since it was separated from eBay in 2015. But since its share price peaked in July 2021, the company has lost about 3/4 of its market value.

At the end of January, PayPal said it would cut 2000 jobs, equivalent to 7 per cent of its workforce. Mr Schulman said in a statement at the time that PayPal was dealing with a "challenging macroeconomic environment".

Last summer, activist investor Elliot Management (Elliott Management) accumulated undisclosed shares in PayPal. At the time, Schulman said he didn't feel any pressure from Elliot. "We really didn't talk much in the past quarter," Schulman said. "

"Jesse and I are good friends," he said, referring to Jesse Cohn, the managing partner of Elliott's management company. "I'm sure this news will come as a surprise and shock because he's always been supportive."

Mr Schulman added that PayPal's "board is just trying to find the right person" and said it would "look inside and outside the company". He said PayPal was "in good shape" and "had a year of strong growth", adding that the board had plenty of time to find a successor.

"the timing is right," Shulman said. "it makes sense."

PayPal announced Schulman's imminent departure and released the company's fourth-quarter earnings report. The company said fourth-quarter net income rose 7% from a year earlier to $7.4 billion. The company's shares fell to $77.99 in after-hours trading.

Related readings:

"PayPal's fourth-quarter revenue was $7.383 billion, and net profit increased by 15% year-on-year."

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.