Schulman will leave the payments giant he has led for the last eight and a half years on December 31, 2023.
Dan Schulman is the president and CEO of PayPal. He is leaving his job at the end of the year.
He plans to leave the big payments company on December 31, 2023, but he will still be on the board of directors.
Schulman has been with the company since 2014, when he was hired to run it as a public company after it broke away from eBay.
The company says that under Schulman’s leadership, its revenue almost tripled from $9.2 billion in 2015 to $27.5 billion in 2022, and the number of active accounts more than doubled to more than 430 million in 200 markets.
“I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day,” Schulman said.
“Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers. PayPal makes a difference every day for its customers and communities and the company is positioned for a great future.”
Schulman said that running PayPal for the past eight and a half years has been a “huge privilege,” but he now wants to spend more time on his interests outside of work.
He also said that he is still “100% committed” to working with the board and whoever replaces him to make sure that the change goes smoothly and that the company keeps its “positive momentum on track.”
“Dan has made an extraordinarily positive and lasting impact on PayPal and our people,” PayPal board chair John Donahoe said.
“His decision to retire marks the end of a remarkable run that has seen impressive accomplishments in establishing PayPal as one of the world’s most trusted brands and as the leader in democratizing the management and movement of money.”
Schulman’s resignation comes just two weeks after he said that the company would be letting go of about 2,000 workers because of the “challenging macroeconomic environment.”
PayPal is cutting its global staff by about 7% in order to save money.
