As reported by Ukrinform, CNBC is reporting this.
It was noted that Shulman announced his decision to leave the company at the end of December last year.
PayPal’s board will hire a company to find Shulman’s successor.
“I’m proud of what we’ve accomplished at PayPal and the incredibly talented and dedicated people I work with every day. Together we rethought the essence of financial services and e-commerce and worked to improve our clients’ financial situation,” he said.
Schulman has been the CEO of PayPal since 2015 after splitting with eBay.
The price of PayPal shares has increased by about 130% since the same year. But the company has lost nearly three-quarters of its value since the stock peaked in July 2021.
PayPal announced Schulman’s decision to leave the company along with its fourth-quarter earnings report. The company said its net income in the fourth quarter increased 7% year over year to $7.4 billion.
As Ukrinform reported, at the beginning of February 2023, the PayPal service announced planned layoffs of 2,000 employees, which make up about 7% of the company’s workforce.
Source: Ukrinform
As an experienced journalist and author, Mary has been reporting on the latest news and trends for over 5 years. With a passion for uncovering the stories behind the headlines, Mary has earned a reputation as a trusted voice in the world of journalism. Her writing style is insightful, engaging and thought-provoking, as she takes a deep dive into the most pressing issues of our time.