PayPal ‘s fourth-quarter earnings results were overshadowed by the company’s announcement that Chief Executive Dan Schulman will be retiring by the end of the year, and that the board has already launched a search for a successor. “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 Thursday. Schulman joined PayPal (ticker: PYPL) in 2014 after its separation from eBay (EBAY). Read More...
Reuters
PayPal forecasts strong full-year profit, says CEO to retire at year-end
(Reuters) -PayPal Holdings Inc forecast full-year profit above Wall Street estimates on Thursday and said Chief Executive Dan Schulman will retire at the end of 2023, after nearly eight and a half years at the payment firm’s helm. While macroeconomic pressures have begun to pressure American consumers, particularly those in the lower income bracket, PayPal’s customers continue to spend undeterred by decades-high inflation. Executives at major U.S. banks, including Bank of America’s chief said earlier in January that overall spending continues to tread largely positive waters, but the pace of growth has begun to slow.
