PayPal announced on Thursday that CEO and President Dan Schulman will retire at the end of 2023 and leave the company.
Schulman, who became CEO of PayPal after being split from eBay in 2015, notified the company of his decision to leave at the end of December. He will remain a member of Paypal’s board of directors.
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“I am proud of what we have achieved at PayPal and the incredibly talented and dedicated people I work with every day,” Shulman said in a statement. We have reimagined financial services and e-commerce and worked to improve the financial health of our customers.”
The company announced Shulman’s upcoming retirement on the same day it reported its fourth-quarter 2022 earnings.
According to PayPal, fourth-quarter net revenue was $7.4 billion, up 7% year-over-year.
In late January, PayPal announced it would lay off 2,000 employees, representing 7% of the company’s workforce. In a statement at the time, Schulman said PayPal was dealing with a “challenging macroeconomic environment.”
PayPal’s stock has jumped about 130% since its 2015 spinoff. However, the company has lost about three-quarters of its value since its peak in July 2021.
The company’s shares rose more than 4% in after-hours trading on Thursday to $81.70.
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