PayPal CEO Schulman Announces Plans to Step Down by End of 2023

Digital payments company PayPal has seen a meteoric rise since spinning off of eBay in 2015. Since beginning its time as an independent company, it has added over 250 million users and increased its payment volume by 3.7 times. Despite a turbulent fiscal quarter, the company’s most recent earnings report indicates that it met its earnings per share metric—a decidedly good sign for the company’s financial longevity.

Of course, it has yet to be seen if the company that has been steered by Chief Executive Officer Dan Schulman will see a similar rise in its fortunes in the longer term. According to a press release put out by PayPal, Schulman will be stepping down from his position at the company’s helm for personal reasons.

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Schulman was assertive about his resignation being a good step for the company he built. “Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers,” Schulman said in the press release. “PayPal makes a difference every day for its customers and communities and the Company is positioned for a great future. It has been a huge privilege to have the opportunity to lead this great company for the past 8 1/2 years.”