PayPal CEO Dan Schulman to retire at year-end

PayPal announced that President and CEO Dan Schulman has informed the board of directors of his intention to retire from PayPal on December 31 and that he will work with the board on a smooth leadership transition. Schulman will continue to serve on the board of directors. The board will retain a search firm to help find Schulman’s successor. "I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day. 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. It has been a huge privilege to have the opportunity to lead this great company for the past 8 1/2 years. However, I’m at a point in my life where I want to devote more time to my passions outside the workplace. I remain 100 percent committed to working closely with the Board and my eventual successor for a smooth transition and to ensure we keep our positive momentum on track," said Schulman.