PayPal names Intuit's Alex Chriss as its next CEO
JasonDoiy
PayPal Holdings (NASDAQ:PYPL) confirmed on Monday that Alex Chriss of Intuit (NASDAQ:INTU) will become its president and CEO, effective Sept. 27, 2023. He'll join the board at the same time.
The executive currently runs Intuit's Small Business and Self-Employed group. 
"The businesses he has overseen and led at Intuit (INTU) have become market leading end-to-end customer growth engines and platforms for small and mid-market companies and entrepreneurs to enable them to grow and run their business with confidence," PayPal (PYPL) said in a statement.
During his five years at the Small Business segment, the number of its customers increased at a CAGR of 20%, and revenue CAGR was 23%. In 2021, he led the company's $12B acquisition of Mailchimp, expanding the capacity of Intuit's platform and customer base, PayPal said.
CEO Dan Schulman, who in February said he'll retire on Dec. 31, 2023, will remain on PayPal's (PYPL) board until its next annual meeting of stockholders in May 2024. 
During Schulman's nine years leading PayPal (PYPL), its revenue increased to $27.5B in 2022 from $9.2B in 2015, with its number of total active accounts more than doubling to over 430M.
In early Monday trading, PayPal (PYPL) stock gained 0.8%. And Intuit (INTU) was roughly flat.
CNBC reported Chriss's selection as PYPL CEO earlier.

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