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PayPal CEO Dan Schulman to Retire at the End of the Year

Dan Schulman
PayPal CEO Dan Schulman to Retire at the End of the Year
Source: PayPal.com

Dan Schulman will retire from PayPal at the end of the year, but he will remain on the company’s board of directors, PayPal announced on Thursday.

Schulman said it had been a huge privilege to lead PayPal for the past 8 1/2 years but said, “I’m at a point in my life where I want to devote more time to my passions outside the workplace. I remain 100 percent committed to working closely with the Board and my eventual successor for a smooth transition and to ensure we keep our positive momentum on track.”

Former eBay CEO and current Chairman of the PayPal Board John Donahoe praised Schulman, whom he hired in 2014 prior to the eBay-PayPal breakup in 2015, and Donahoe thanked him for committing to support a smooth transition. (Donahoe is also CEO of Nike.) The Board will retain a search firm to help find Schulman’s successor.

The announcement came as PayPal reported 4th quarter earnings and a week after PayPal announced it would lay off 7% of its employees.

PayPal reported net revenues of $7.4 billion in the fourth quarter, growing 7% and 9% on an FX-neutral basis (FXN) from Q4-2021. PayPal reported Total Payment Volume (TPV) of $357.4 billion, growing 5% and 9% FXN.

CNBC said that while activist investor Elliott Management had accumulated an undisclosed stake in PayPal last year, Schulman said the company had not pressured him and said Elliott Management managing partner Jesse Cohn (who had served on eBay’s board during a pressure campaign) had actually been “incredibly supportive.”

The following chart included in a presentation released with the fourth-quarter’s results shows growth that coincides with Schulman’s tenure at PayPal:

PayPal 2015 - 2022
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Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). She is a member of the Online News Association (Sep 2005 - present) and Investigative Reporters and Editors (Mar 2006 - present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.