PayPal Holdings' Dan Schulman to retire at year end after eight years as CEO
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PayPal Holdings (NASDAQ:PYPL) President and CEO announced Thursday he'll retire from the payment tech company on Dec. 31, 2023. He'll continue to serve on the board.
"I'm at a point in my life where I want to devote more time to my passions outside the workplace," Schulman said in a statement. "I remain 100% committed to working closely with the Board and my eventual successor for a smooth transition and to ensure we keep our positive momentum on track."
The board will hire a search firm to find Schulman's successor.
Schulman joined PayPal in 2014 to lead the company when it spun off from eBay (EBAY). Since then, the company's revenue has increased to $27.5B in 2022 from $9.2B in 205 with total active accounts more than doubling to over 430M.
The company's stock rose 4.2% in Thursday after-hours trading after the company raised FY23 guidance and Q4 earnings and revenue beat Wall Street expectations.
PayPal (PYPL) will host a conference call to discuss Q4 earnings at 5:00 PM ET.
Earlier, PayPal (PYPL) Q4 non-GAAP EPS, revenue beats, FY23 guidance raised