Who is Alex Chriss?
Alex Chriss is an executive who has been immersed in the world of technology for 19 years. In 2014, he became CEO of Intuit, a company in charge of business software such as QuickBooks and Mailchimp.
These two businesses that have been under Chriss’ leadership have become growth engines and platforms for clients in different market segments, from small to large companies that have seen an increase in confidence to run their businesses.
In fact, a couple of years ago he was one of the people within Intuit responsible for the acquisition of Mailchimp for 12,000, which represented a significant expansion of the platform’s capacity and its customer base.
This purchase process was one of the examples of leadership that attracted the PayPal board of directors and why they decided to choose Chriss for the position. Following the announcement, the company’s shares rose nearly 2%.
“With his deep experience in product development, his passion for serving customers and his longstanding commitment to empowering and enabling small businesses, and his proven track record of developing and inspiring his team, Alex is the perfect leader. to move PayPal forward,” said John Donahoe, Chairman of the Board of Directors.
The challenges you will face at PayPal
Chriss’ approximate net worth is at least $18.6 million as of July 3, 2023. In addition, he owns 1,394 units of Intuit stock worth more than $202,654, according to official filings with the Securities and Exchange Commission. (SEC).
According to the same documents, in his executive position within Intuit he earns more than a million and a half dollars. For this new stage in PayPal, he said he was excited to have the opportunity to work in a global company and offer his services to more consumers.
Chriss will arrive at a time when the company begins to explore other markets. A week ago, the company announced the launch of its own stablecoin called PayPal USD (PYUSD), designed to contribute to stablecoin opportunities in digital payments and digital native environments.
This cryptocurrency is 100% backed by US dollar deposits, short-term US Treasury bonds, and similar cash equivalents. Furthermore, it is issued by Paxos Trust Company.
However, according to its latest financial report, PayPal did not miss its estimate for operating margin despite consumer spending trends in recent months in the United States.
The company explained that one of the factors that influenced this result was the failure of its credit portfolio, where income was lower than expected and the company increased its provisions for losses. Interim CFO Gabrielle Rabinovitch noted that PayPal specifically faced pressure from its business loans.