Intuit's Alex Chriss has been named the new chief executive officer of financial giant PayPal, according to a report by CNBC's David Faber.
Dan Schulman, president and CEO of PayPal, is planning to step down. He announced his intent to step down earlier this year. Schulman will remain a PayPal director until next May, according to Faber.
The hiring is the result of the selection process that began in February. It saw the board review nine candidates, some of whom were current CEOs from the fintech and the consumer services industry. They reduced that pool to four candidates and then they chose Chriss.
It is worth noting that the new CEO oversaw the acquisition of Mailchimp in September 2021, which was a gargantuan $12 billion deal. His focus on small and medium-sized businesses will allow PayPal to fulfill its growth ambitions, according to board members, Faber adds.
Schulman, who became the CEO of PayPal after the company's split from eBay back in 2015, presided over the company's crypto push. After initially allowing customers to buy, sell and hold a slew of cryptocurrencies in October 2020 and later making it possible to pay with crypto at millions of merchants worldwide, the company then rolled out its own dollar-pegged stablecoin earlier this month.