PayPal Holdings Inc. said longtime Chief Executive Officer Dan Schulman will retire at year-end as the payments giant contends with slowing growth across its platforms.
(Bloomberg) — PayPal Holdings Inc. said longtime Chief Executive Officer Dan Schulman will retire at year-end as the payments giant contends with slowing growth across its platforms.
Schulman will continue to work with the board, which plans to retain a search firm to help find a successor, the company said in a statement.
“I’m at a point in my life where I want to devote more time to my passions outside the workplace,” Schulman said. “I remain 100% 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.”
PayPal has spent much of the last year contending with a slowdown in growth in spending on its platforms, as supply-chain shocks crimped e-commerce and inflation hurt consumers. Schulman has vowed to improve operating leverage, or the ability to grow revenue faster than expenses.
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