Dan Schulman, the president and chief executive of PayPal has announced his intention to step down at the end of 2023.
He will remain on the board of directors to “ensure a smooth leadership transition”.
Commenting on the news, Schulman said that he wanted to devote more time to passions outside the workplace.
Schulman joined PayPal in 2014 to lead the firm as an independent public company following its separation from eBay. During his time as chief executive, he introduced an employee wellness programme and expanded PayPal’s partnerships.
Commenting on the news John Donahoe, chairman of the PayPal board, said "Dan has made an extraordinarily positive and lasting impact on PayPal and our people.”
He added: “His decision to retire marks the end of a remarkable run that has seen impressive accomplishments in establishing PayPal as one of the world's most trusted brands and as the leader in democratising the management and movement of money."
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