The embattled CEO of PayPal, Dan Schulman, plans to retire at the end of the year, after the digital payments pioneer has struggled in recent years to meet growth goals and beat back mounting competition.
Schulman said he spoke multiple times with PayPal’s board about the company’s succession plan and informed the directors recently that he intended to exit at yearend to give them enough time to find his replacement, he told analysts on an earnings call today. He noted that his decision comes shortly after he turned 65, and said he would be flexible if the board asked him to stay longer.
