Wanted: a chief executive to run one of the world’s best-known digital payment platforms. Crucial attributes: must relish a challenge. Previous experience in reversing a $293bn share price slump a plus.
The company in question is PayPal of the US. It has been on the hunt for a new boss since February, when incumbent Dan Schulman announced he would step down at the end of this year.
The vacancy at the top comes at a delicate time. Like Netflix and Peloton, the company was a coronavirus pandemic winner that has suffered a huge and painful reversal in fortunes. At its peak in 2021, it boasted a market capitalisation of $362bn and was bigger than Goldman Sachs and Morgan Stanley combined. These days it is worth less than a fifth of that.
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