Former PayPal CEO Dan Schulman to Leave Board Dec. 31

Former PayPal President and CEO Dan Schulman will leave the company’s board of directors at the end of the year.

Schulman, who has served on the board since 2015 and served as president and CEO from 2015 to 2023, will depart from the board effective Dec. 31, PayPal said in a Thursday (Dec. 14) press release.

“On behalf of the board of directors, I thank Dan for his outstanding leadership and commitment to PayPal,” John Donahoe, chairman of the PayPal board, said in the release. “Under Dan’s vision, PayPal became a leading digital payments company that is trusted around the world. Dan established a strong foundation for PayPal’s future growth.”

Schulman said in the release that his time at the company has been a highlight of his career and that it has been an honor to lead the PayPal community.

“With [PayPal President and CEO] Alex Chriss and his leadership team in place, I leave the board with full confidence that PayPal is in excellent hands for its next chapter of growth and success,” Schulman said in the release.

In a Thursday filing with the Securities and Exchange Commission (SEC) reporting that Schulman will retire from the board, PayPal said: “Mr. Schulman’s decision does not reflect any dispute or disagreement with the company.”

PayPal announced on Feb. 9 that Schulman planned to retire from the company on Dec. 31 and that he would continue to serve on the board of directors.

Schulman had led PayPal since it separated from eBay and became an independent public company.

The company reported at the time that from 2015 to 2022, under Schulman’s leadership, PayPal’s revenues grew from $9.2 billion to $27.5 billion, its total active accounts more than doubled to 430 million and its total payment volume leapt from $288 billion to $1.36 trillion.

Schulman said in the February announcement that “I’m at a point in my life where I want to devote more time to my passions outside the workplace.”

About six months later, on Aug. 14, PayPal named Chriss, a longtime Intuit executive, to serve as its new president and CEO.

PayPal said at that time that Schulman would remain a member of the board until the company’s annual shareholders meeting in May 2024.