“It has been a huge privilege to have the opportunity to lead this great company for the past eight and a half years. However, I'm at a point in my life where I want to devote more time to my passions outside the workplace. I remain 100% committed to working closely with the Board and my eventual successor for a smooth transition and to ensure we keep our positive momentum on track.”

Dan Schulman arrived in 2014 to lead the company after its separation from eBay, and has seen revenues grow from $9.2bn in 2015 to $27.5bn in 2022, total active accounts more than double to more than 430m across 200 markets, and payment volume increase fivefold from $288bn in 2015 to $1,360bn in 2022.

“Dan has made an extraordinarily positive and lasting impact on PayPal and our people. 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. He has delivered for our shareholders and other stakeholders,” praised chairman John Donahoe.

While Schulman will remain on the board, a search firm will be tasked with filling his position. PayPal set up its European headquarters in Luxembourg in 2007.

This story was first published in French on . It has been translated and edited for Delano.