PayPal's stock drooped Thursday after the company announced fourth-quarter sales and that its longtime CEO Dan Schulman plans to retire at the end of the year.
Schulman, who is 65 years old, will continue to serve on the board in 2024 and will help find a successor to lead the company and ensure a smooth transition before his departure, the company said in a Thursday press release.
After arriving at PayPal eight years ago following a stint at American Express, Schulman steered the San Jose-based company through its separation from eBay. More recently, Schulman oversaw the launch of PayPal's integration of its Venmo payment app with Amazon and the
During Schulman's tenure so far, PayPal's revenues have grown from $9.2 billion in 2015 to $27.5 billion last year, the company said in the release, and total accounts have more than doubled to more than 430 million.
"I feel that a year gives the board enough runway to find the next leader of PayPal for an orderly transition," Schulman said during a Thursday conference call with analysts.
The move comes less just over a week after PayPal announced plans to
PayPal said it met its own sales targets for the quarter ended Dec. 31, 2022. Total payment volume rose 9% to $357 billion. Net revenue for the quarter was $7.4 billion, up 7% over a year earlier. Operating income for the fourth quarter was $1.2 billion, up 18% over 2022.
PayPal shares fell 1.6% to $78.42 at the close of business on Thursday.
