President and CEO Dan Shulman announces intention to leave PayPal at the end of the year

PayPal Holdings Inc. announced today that President and CEO Dan Shulman informed the Board of Directors of his intention to leave PayPal December 31, 2023and that he will work with the Board on a smooth transition of leadership. Shulman will continue to serve on the board of directors. The council will keep a search firm to help find Shulman’s successor.

“I’m proud of what we’ve accomplished at PayPal and the incredibly talented and dedicated people I work with every day,” Shulman said. “Together, we have reimagined financial services and e-commerce and have worked to improve the financial situation of our clients. PayPal brings value to its customers and communities every day, and the company is set for a great future. It has been a huge privilege for me to have been able to lead this great company for the past 8.5 years. However, I am at a point in my life where I want to spend more time on my hobbies outside of the workplace. I remain 100 percent committed to working closely with the Board of Directors and my eventual successor to ensure a smooth transition and ensure that we maintain our positive momentum.”

John DonahuePayPal Chairman, stated, “Dan has had an extremely positive and lasting impact on PayPal and our people. His decision to step down marks the end of a remarkable career that has seen PayPal become one of the most trusted brands in the world and a leader in the democratization of governance and money flow. It has benefited our shareholders and other stakeholders. On behalf of the entire Board, I want to thank Dan for his work to date and his commitment to supporting a smooth transition.”

Shulman joined PayPal in 2014 to lead the company as an independent public company following its spin-off from eBay. Under his leadership, PayPal’s market capitalization growth outpaced the S&P 500. $9.2 billion in 2015 to $27.5 billion in 2022, when the total number of active accounts will more than double to over 430 million across 200 markets. The total volume of payments increased by 5 times from $288 billion in 2015 to $1.36 trillion in 2022. Under Shulman’s leadership, PayPal has empowered customers with choice and expanded PayPal’s partnerships and influence in the global payments ecosystem. Shulman was recognized for implementing a groundbreaking employee financial wellness program that strengthened the financial security of PayPal employees, and for initiating and delivering on PayPal’s flagship investment commitment. $535 million in closing the gap in racial wealth and promoting racial equality in United States.

During Shulman’s tenure, PayPal has been named one of the top companies on JUST Capital and Forbes’ JUST 100 lists, recognized as one of the world’s most trusted brands, and in 2022 ranked #1 on Fortune’s list of companies that are changing the world. Shulman’s influence on leadership has been recognized throughout his tenure at PayPal. In 2022, he received the Committee for Economic Development (CED) Award for Outstanding Leadership and was honored with the “One Hundred Black Men” award. NY with the 2022 Economic Opportunity Excellence Award. In 2021, Shulman was ranked third on Fortune’s list of the world’s greatest leaders and was awarded Luxembourg Order of the Oak Crown presented Prime Minister Xavier Bettel. In 2020, Shulman received the Robert F. Kennedy Human Rights Pulse of Hope Award. In 2019, Shulman was honored by Endeavor Global for his work supporting entrepreneurs around the world. In 2018, he received Visionary Awards from the Financial Health Network and the Council for Economic Education for promoting economic and financial literacy. Schulman has often been named one of the top 20 businessmen of the year by Fortune, was named one of the 100 most creative people by Fast Company, and in 2019 he was named one of Glassdoor’s 50 best CEOs.

Shulman is a member of the International Business Council, the Board of Governors and the Supervisory Board for the Future of Financial and Monetary Systems of the World Economic Forum, and is also a member of the Board of Directors of the Business Roundtable. He also sits on the International Advisory Board of the Singapore Economic Development Board.

PayPal will host a call to discuss fourth quarter and full year 2022 results at 2:00 PM PST (5:00 pm ET) on February 9, 2023