PayPal CEO Dan Schulman Announces Resignation Months After Controversial ‘Misinformation’ Policy

Ben ZeisloftFebruary 9, 2023

PayPal CEO Dan Schulman announced that Dan would be retiring from the financial services industry Platform At the end of each year.

Schulman, who will continue to serve on the company’s board of directors, said that he wants to devote more time to his “passions outside the workplace.” He became the company’s chief executive in 2014 after a stint as enterprise growth president at American Express.

“I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day,” He stated this in a Statement. “Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers. PayPal makes a difference every day for its customers and communities and the company is positioned for a great future.”

This retirement comes months after PayPal deplatformed many organizations and commentators for their political views. unveiled A change to the acceptable use policy, which would have prohibited promotion “misinformation,” As well as “hate, violence, racial or other forms of intolerance that is discriminatory.” PayPal reported on the policy change within one day of The Daily Wire’s reporting. It would have imposed $2,500 fines on users for each violation. Claim The guidelines were published “in error.”

PayPal suffered a $6 billion loss in value during a subsequent stock exchange Selloff Many users have canceled accounts. An Interview between Schulman and the World Economic Forum published months earlier showed that the executive’s approach to business had long involved moving the needle on social issues as well as earning profits.

“Trust extends well beyond whether you deliver an excellent product or service. Doing that is very necessary, but it’s not sufficient,” asserted Schulman, who currently serves on the World Economic Forum’s International Business Council and Board of Governors. “To be a company that embodies trust, your mission and values should make it clear that you stand for more than just maximizing profit. That you stand up for social issues that are important, and you do the right things to help create a better world.”

The World Economic Forum is a major proponent Stakeholder capitalismThis is a way of investing that encourages executives and others to think about the needs of their employees, communities and other stakeholders. corporate power to promote political agendas in the global economic. “Saying that you have values and not acting on them is worse than not having any values,” Schulman continued. “That’s what causes employees to revolt, that’s how you sow distrust with customers or regulators.”

One of the many Criticism of the PayPal misinformation policy were David Sacks, the company’s former president, and Elon Musk, who co-founded one of the firms which would later become PayPal. Senators also sought more information about the retracted acceptable uses policy in a Letter Schulman

“Greater encroachment by large technology and financial companies into public speech will only exacerbate Americans’ increasing mistrust of such institutions,” The lawmakers wrote. “Policies that empower companies to punish individuals’ beliefs by acting as arbiters of fact in our ever-changing news and public debate environment represent poor business decisions. Instead, large technology and financial institutions should focus on serving the needs of their customers without bias.”