On Aug. 14, PayPal Holdings, Inc. announced that Alex Chriss has been named President and CEO. According to a press release by the company, Chriss will officially assume his position on the Board of Directors effective Sept. 27.

"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 of Directors, according to the press release. "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." 

Per the press release, Chriss currently serves on Intuit's executive leadership team as Executive Vice President and General Manager of Intuit's Small Business and Self-Employed Group. Under his leadership, the company's Small Business segment has experienced a compound annual growth rate of 20% in clients and 23% in revenues and in 2021, he headed the company's $12 billion acquisition of Mailchimp.

"PayPal is an extraordinary company that plays a critical role in the lives of consumers and merchants all over the world," said Chriss, according to the press release. "Throughout my career, I have championed small and medium businesses and entrepreneurs, who are the backbone of every economy in the world. 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."

Dan Schulman, Paypal's current CEO and president, will continue to be a member of the company's board until the next annual meeting of stockholders in May 2024, according to the press release.