PayPal names a ‘perfect leader’ its new CEO

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on Aug 14, 2023
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  • PayPal Holdings names Alex Chriss its next Chief Executive Officer.
  • Mizuho analyst Dan Dolev shares his view on the announcement.
  • PayPal stock is currently down about 30% versus its YTD high.

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PayPal Holdings Inc (NASDAQ: PYPL) says Alex Chriss will replace Dan Schulman as its Chief Executive Officer on September 27th. Its shares are trending up at writing.

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Chriss is coming in from Intuit Inc

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Chriss is currently serving as a General Manager at Intuit Inc. He’s been with the financial software company for about two decades. John Donahoe – the Chair of PayPal said in a press release today:

Alex is the perfect leader to take PayPal forward and accelerate the company’s growth opportunities.

CEO Schulman will remain on the company’s board until May of 2024 to streamline the transition.

The news arrives only days after the digital payments giant said its adjusted operating margin was capped below its previous guidance in the second quarter as Invezz reported here.

Mizuho analyst Dan Dolev reacts to the news

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Note that CEO Dan Schulman had revealed plans of stepping down in February. Ever since, PayPal stock has lost roughly 30%. According to the Mizuho analyst – Dan Dolev:

PayPal will need to change the Apple Pay share-loss narrative. This is the #1 drag on the stock. He [Alex] will also have to decide whether the PayPal and Venmo brands should be combined.

He dubbed the financial technology company a challenged story but not one that can’t be fixed. Dolev has a $92 price objective on PayPal stock that signals a 50% upside from here.

Investors seem to be cheering the appointment of Alex Chriss considering shares of the California-based multinational are trending up following the announcement on Monday.  

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