PayPal taps Intuit executive as new CEO

Longtime PayPal CEO Dan Schulman has found his successor.

Driving the news: This morning Intuit executive Alex Chriss was named the next chief executive of the $68 billion payments behemoth, starting Sept. 27.

• Chriss was previously executive vice president and general manager of Intuit's small business and Self-Employed Group.
• He led Intuit through its $12 billion acquisition of Mailchimp, the email and marketing company, and was responsible for "more than half of Intuit's revenue," per the press release.

Of note: Schulman will continue as a PayPal director until May 2024.

Context: Schulman announced plans to step down in February. Under his tenure since 2015, PayPal acquired Japanese BNPL company Paidy, bought Honey for about $4 billion, and moved into crypto.

Shares of PayPal rose 1.5% in early trading Monday.