Digital payment giant PayPal has concluded its search for a new CEO with the appointment of senior Intuit executive Alex Chriss, effective from 27 September.
Chriss will lead the business as president and CEO, as well as join the board of directors, following a months-long search for a leader with the necessary global payments, product, and technology experience.
He joins the business having served as executive vice president and general manager of financial software specialist Intuit’s Small Business and Self Employed Group since January 2019, where he was responsible for more than half the firm’s revenue.
With the unanimous support of the board and CEO search committee, PayPal said Chriss is capable of driving growth across its platform “for years to come.”
"With his depth of experience in product development, his passion for serving customers and his longstanding commitment to empowering and enabling small businesses, and his proven track record of developing and inspiring his team, Alex is the perfect leader to take PayPal forward and accelerate the company's growth opportunities," said John Donahoe, chair of the PayPal board.
"The Board search committee worked diligently and thoroughly to find the right candidate to take PayPal into its next stage of growth and expansion, and we are confident Alex is that person."
As part of Intuit’s executive leadership team, Chriss helped lead the organization’s global team that delivered its QuickBooks and Mailchimp to millions of users around the world, helping to fuel growth for small and mid-market companies.
The industry veteran began his journey with Intuit 19 years ago and has risen through the ranks of leadership across the business.
During that time, he helped create the firm’s Partner & Development Platform, led the Self-Employed Solutions team, and served as the Small Business Group’s chief product officer between 2017 and 2019.
He is also credited with overseeing and implementing multiple strategic initiatives designed to transform businesses inside Intuit into sustainable growth engines for the company.
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Across Chriss’ five-year tenure leading the firm’s Small Business segment, he successfully grew its customers and revenues at a compound annual growth rate of 20% and 23%, respectively.
In 2021, he also led the company’s successful $12 billion acquisition of Mailchimp, which significantly expanded the capacity of the Intuit platform and customer base.
The Small Business and Self-Employed Group continues to thrive too, with Intuit’s May Q3 2023 earnings report updating its full fiscal year growth guidance from 19-20 percent to 24 percent.
At PayPal, Chriss replaces outgoing CEO Dan Schulman, who will remain on the company’s board until its next annual meeting of stockholders in May 2024.
"Throughout my career, I have championed small and medium businesses and entrepreneurs, who are the backbone of every economy in the world,” Chriss said.
“I am proud to take the baton from Dan and thrilled to have the opportunity to work with PayPal's talented and committed team to build on PayPal's remarkable history and draw on its unique capabilities to deliver outstanding products and services to businesses and consumers."
