Paypal’s Long-Time Board Chair, John Donahoe Resigned

PayPal’s long-time Board Chair, John Donahoe, has resigned effective immediately and has been replaced by Board Member Enrique Lores. This change was revealed in a filing with the Securities and Exchange Commission on Thursday.

Alongside Donahoe’s departure, PayPal has reduced its Board size to 11 members. Donahoe, who is also the CEO of Nike, has been a member of PayPal’s Board since 2015 and played a key role during its separation from eBay, where he had previously served as CEO.

These Board changes occur as PayPal adapts to new leadership under CEO Alex Chriss, who was appointed last year. Chriss, who succeeded Dan Schulman, has been actively restructuring the management team to steer the company in a new direction. Schulman stepped down as CEO in March last year and left the Board by the end of the year.

During his tenure, Donahoe supported Schulman in guiding PayPal through challenging growth periods. Reflecting on his time at PayPal, Donahoe expressed his honour in contributing to the company’s journey and endorsed Lores as a suitable successor due to his expertise in corporate transformation and technology.

Chriss has indicated that this year will be a pivotal one for PayPal, focusing on business overhaul and profitable growth. His plans include increased use of biometrics, faster checkout experiences, and better utilisation of purchase data for merchant promotions. He also hinted at potential divestitures of non-core business units.