PayPal, the global online payments giant, has announced that it has appointed Alex Chriss, a senior executive from Intuit, as its new president and CEO, effective 27 September 2023.

Chriss will succeed Dan Schulman, who has led PayPal since 2014 and announced his retirement in February. Schulman will remain on the board of PayPal until its next annual meeting of stockholders in May 2024.

Chriss joins PayPal from Intuit, a leading business software company, where he worked for over 19 years in various roles. He was most recently executive vice president and general manager of its small business and self-employed group, which includes products such as QuickBooks, TurboTax and Mint.

At Intuit, Chriss helped to grow the revenues for the small business segment at a compound annual growth rate of 23%, and also helped boost its customer numbers by 20%. In 2021, he also led Intuit’s $12 billion acquisition of MailChimp, a popular email marketing platform.

John Donahoe, chair of PayPal’s board of directors, said that Chriss is the perfect leader to take PayPal forward and accelerate the company’s growth opportunities. He praised Chriss for his depth of experience in product development, his passion for serving customers and his longstanding commitment to empowering and enabling small businesses.

Chriss said he is honored and excited to join PayPal, which he described as a company that plays a critical role in the lives of consumers and merchants all over the world. He said he plans to draw on PayPal’s unique capabilities to deliver outstanding products and services to businesses and consumers.

PayPal is a global leader in online payments, with over 400 million active accounts and over $300 billion in total payment volume in the second quarter of 2023. The company offers a range of products and services, such as PayPal, Venmo, Braintree, Xoom and Paydiant. The company also operates in the cryptocurrency space, allowing users to buy, sell and hold digital currencies.