Dan Schulman at the World Economic Forum in 2016. Image: Remy Steinegger/World Economic Forum (CC BY-NC-SA 2.0)
Schulman joined PayPal in 2014 after its split from eBay. Since then, its total payment volume has grown fivefold.
PayPal CEO and president Dan Schulman has announced plans to retire at the end of this year to devote more time to his “passions outside the workplace”.
Schulman, who has led the online payments technology company for almost a decade, will now work with the board of the directors on finding a successor and ensuring a smooth transition.
Since joining PayPal in 2014 after it split from eBay, Schulman has helped grow the company’s revenue nearly threefold, from $9.2bn to $27.5bn. Total active accounts also more than doubled to 430m in 200 markets and total payment volume grew fivefold from $288bn to $1.36trn.
“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. PayPal makes a difference every day for its customers and communities and the company is positioned for a great future.”
During his tenure, PayPal has also been ranked as one of the world’s most trusted brands and, last year, was listed first on Fortune’s Companies that Change the World list.
In 2021, Schulman was ranked third on Fortune’s list of the World’s Greatest Leaders and awarded Luxembourg’s Order of the Oak Crown honour.
“Dan has made an extraordinarily positive and lasting impact on PayPal and our people,” said PayPal chair John Donahoe.
“His decision to retire marks the end of a remarkable run that has seen impressive accomplishments in establishing PayPal as one of the world’s most trusted brands and as the leader in democratising the management and movement of money.”
The announcement of Schulman’s retirement comes just days after PayPal said it will cut 2,000 jobs, around 7pc of its global workforce, in response to a “challenging macroeconomic environment”. It currently employs more than 2,000 staff across Ireland.
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Dan Schulman at the World Economic Forum in 2016. Image: Remy Steinegger/World Economic Forum (CC BY-NC-SA 2.0)
