Companies • August 14, 2023, 5:16PM EDT Published 1 minute earlier on 
The Block
Quick Take
- Chriss will replace Daniel Schulman as PayPal’s CEO on Sept. 27.
- Schulman announced in February that he was stepping down as payment giant’s CEO.
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PayPal has hired Intuit’s Alex Chriss as its new CEO and president.
Chriss formerly worked as executive vice president and general manager of Intuit’s Small Business and Self-Employed Group. He led the firm’s $12 billion acquisition of the marketing platform Mailchimp in 2021, which “significantly” expanded Intuit’s platform and customer base, PayPal wrote in a statement.
He’ll be taking over for PayPal’s current CEO Daniel Schulman on Sept. 27 and will also be joining the company’s board. Schulman announced he was stepping down as CEO in February.
“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,” PayPal board chair John Donahoe said in the statement.
PayPal’s stablecoin push
The move comes as PayPal is embarking to launch a stablecoin on Ethereum called PayPal USD, or PYUSD.
PayPal did not immediately respond to a request for comment from The Block on whether Chriss’ appointment will affect the firm’s web3 strategy.
