PayPal CEO Dan Schulman To Retire At The End Of 2023
Operating income in the quarter rose 12% year-over-year to $1.7 billion, driven by a 9% increase in total payment volume to $357.4 billion.
PayPal Holdings Inc. informed that at the end of the year 2023, their CEO and President, Dan Schulman, would retire while also reporting better-than-expected fourth-quarter earnings. Schulman joined PayPal in September 2014, at the same time that then-owner eBay Inc. announced the separation of the firm into different parts. Schulman said he would work with PayPal’s board to ensure a smooth leadership transition and would continue on the board after his retirement.
For the quarter that ended on Dec. 31, PayPal reported earnings before expenses, such as stock compensation of $1.24 per share. Operating income in the quarter rose 12% year-over-year to $1.7 billion, driven by a 9% increase in total payment volume to $357.4 billion.
Growth OF PayPal Under Dan Schulman
CFO Gabrielle Rabinovich explained in her earnings call that PayPal was committed to cutting expenses amid a slowdown in its key e-commerce segment. Dan Schulman is president and CEO of PayPal, having previously served as group president of business growth in the firm named American Express. He previously served as president of Sprint’s prepaid group and founding CEO of Virgin Mobile. As we all know that PayPal is a online platform that enables payments between parties via online money transfers.
After confirming identification and confirming funds, clients can either receive or send money online or in-store using the mentioned app as an intermediate tool. Millions of merchants, online and in the real world, accept payments through PayPal. Merchants usually have a PayPal card reader in their respective stores, or they enable the app as a money transaction option on the sites owned by them. The money can be easily sent to any required mail address, even to those who don’t have a PayPal account.
If a client wants to register, then he must carry his own email id, bank account details, and credit and debit card. Before using the service, this app also makes sure that the information provided by the client is not fake and owned by him only. Sending and receiving money can be done within seconds. The website also ensures easy withdrawal of money from the bank account. The services are well-mentioned and often appreciated by the users.
Business background Of Dan Schulman
In 2019, Schulman introduced PayPal’s Employee Financial Wellness initiative to help struggling workers by reducing healthcare costs and creating opportunities for employees to raise equity in the company to support long-term savings. Schulman banned hate groups from using the PayPal platform to accept payments or donations for activities that promote “hate, violence or racial intolerance”. Dan Schulman announced plans to build on PayPal’s successful quarter with PayPal’s “digital wallet.
Elected to the Verizon Board of Directors in September 2018, Dan Schulman also served on the advisory board of Greycroft Partners, a private equity firm focused on new media and early-stage technology companies.
Dan Schulman was a member of the Rutgers University Board of Trustees from April 2008 to June 2013. Schulman is even a member of the board of directors for Autism Speaks, a group dedicated to advocating research into the causes and treatment of individuals on the autism spectrum. Dan Schulman serves as a board member of the Economic Club of New York and Business Roundtable.
Policy
Dan Schulman denounced North Carolina’s Public Facilities Privacy and Security Act, which mandates that people in public facilities use restrooms according to their birth sex. In 2018, in support of Dreamers—people, Dan signed his name to a letter calling on the U.S. Congress to urgently take action on the DACA program.
Valuation
In 2017, Schulman was honored by the Brennan Center for his contributions to the democratization of financial services and building a more inclusive global economy. Schulman was named to Fortune magazine’s 2021 list of the 50 Greatest World Leaders, which honors those who have stepped up to make the world a better. In 2019, Dan Schulman was honored by Endeavor Global for his work supporting entrepreneurs around the world.
In 2020, the Robert F. Kennedy Center awarded Schulman the Ripple of Hope Award for Human Rights and justice, which identifies and awards those who have established an assurance in society for change and a passion for justice, equality, and human rights. Under his leadership, PayPal was named one of Time magazine‘s inaugural 100 Most Influential Companies, an honor that recognizes companies that are making an extraordinary impact around the world.
Achievements
Schulman was awarded the 2021 Frederick Douglass Award by the New York Urban League for his determination, dedication, and influence in advancing the rights of generations of underprivileged black Americans. In December 2021, Schulman was awarded the “Voices of Solidarity” award by Vital Voices for her work advocating for women and girls around the world. He also delivered the Middlebury College commencement address in 2022, while also received an honorary Doctor of Letters and the 2022 Excellence in Economic Empowerment Award from 100 New York Blacks.
Edited by Prakriti Arora
