By PayPal said on Thursday that CEO and president Dan Schulman will retire and leave the company at the end 2023.
Schulman, who became PayPal CEO after the split from eBay in 2015, notified the company of his decision to retire at the end of December. He will remain a member of Paypal’s board of directors.
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“I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day,” Schulman said in a statement. “Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers.”
The company announced Schulman’s upcoming departure on the same day it reported its 2022 fourth quarter earnings.
PayPal said that its net revenue grew 7% year-over-year to $7.4 billion in the fourth quarter.
PayPal shares jumped by about 130% since the 2015 spinoff. But the company has lost roughly three-quarters of its value since the stock’s peak in July 2021.
The company’s shares rose over 4% in after-hours trading on Thursday to $81.70.
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