Photo: Patrick T. Fallon/Bloomberg via Getty Images
PayPal CEO Dan Schulman will step down from his role at the end of the year and remain on its board of directors, the company said on Thursday, as part of its quarterly earnings announcement.
Why it matters: Activist investor Elliott Management began building up a stake in the Silicon Valley payments company last summer.
- PayPal was once viewed as one of the pandemic's biggest winners, but its stock has since plummeted as business has slowed, along with other formerly high-flying tech giants.
Flashback: Schulman joined PayPal as CEO in 2014, following the announcement that it would spin off from eBay. He was previously at American Express.
Meanwhile: PayPal's Q4 beat expectations on earnings ($1.24 compared to $1.20) but just missed revenue predictions ($7.38 billion compared to $7.4 billion).
- The stock is up more than 3% in after-hours trading following the results and news of Schulman's departure.