8-KLeadership ChangesRegulation FDExhibits & Filings

PayPal Holdings, Inc. 8-K Report, Executive Changes (Aug 14, 2023)

Filed August 14, 2023For Securities:PYPL

Summary

PayPal Holdings, Inc. (PYPL) has announced a significant leadership transition via an 8-K filing on August 14, 2023. The key development is the appointment of Alex Chriss as the new President and Chief Executive Officer (CEO), effective September 27, 2023. Mr. Chriss brings extensive experience from Intuit Inc., where he most recently led the Small Business and Self-Employed Group, overseeing significant growth and the acquisition of Mailchimp. This appointment signals a potential strategic shift towards leveraging his product and technology leadership to drive PayPal's future growth and innovation. Concurrent with the CEO appointment, current CEO Dan Schulman will retire on September 27, 2023, after serving his notice period. Mr. Schulman will remain on the Board until May 2024. The filing also details Mr. Chriss's compensation package, which includes a base salary, a substantial annual target bonus, and significant equity awards in the form of Restricted Stock Units (RSUs) and Performance-Based RSUs, reflecting the company's investment in its new leader. Investors will be looking for how Mr. Chriss's leadership will impact PayPal's strategy and financial performance going forward.

Key Highlights

  • 1Alex Chriss appointed as new President and CEO, effective September 27, 2023.
  • 2Mr. Chriss brings significant leadership experience from Intuit Inc., including leading the Small Business and Self-Employed Group and the Mailchimp acquisition.
  • 3Current CEO Dan Schulman will retire on September 27, 2023, and will remain on the Board until May 2024.
  • 4Mr. Chriss's compensation package includes a base salary of $1,250,000 and an annual target bonus of 200% of base salary.
  • 5Substantial equity awards for Mr. Chriss include $10 million in 'Make-Whole' RSUs and $16.75 million in 'Initial' RSUs, along with $17 million in target Performance-Based RSUs.
  • 6Mr. Chriss's appointment is effective September 27, 2023, and he will also join the Board of Directors on that date.

Frequently Asked Questions

Alex Chriss has been appointed as the new President and CEO of PayPal Holdings, Inc. His tenure officially begins on September 27, 2023.

Alex Chriss comes from Intuit Inc., where he most recently served as Executive Vice President and General Manager of the Small Business and Self-Employed Group. He has a strong track record in product and technology leadership, having overseen significant customer and revenue growth, and played a key role in Intuit's acquisition of Mailchimp. PayPal believes his extensive experience in global payments, product, and technology makes him qualified to lead the company.

Mr. Chriss will receive an annual base salary of $1,250,000, with eligibility for an annual target bonus of 200% of his base salary. He will also be granted significant equity awards, including $10 million in 'Make-Whole' RSUs, $16.75 million in 'Initial' RSUs, and $17 million in target Performance-Based RSUs, expected to be granted on October 15, 2023.

Dan Schulman, the current President and CEO, will retire on September 27, 2023, concurrent with Mr. Chriss's appointment. Mr. Schulman will continue to serve on the Board of Directors until PayPal's next annual meeting of stockholders in May 2024. His retirement is not due to any dispute or disagreement with the company.