PayPal CEO Dan Schulman is stepping down from the online payments company at the end of this year.

Schulman, PayPal's CEO for nine years, said he will remain on the fintech's board of directors.

Schulman, 65, a former American Express executive, became PayPal CEO when the company announced its split from eBay in 2014.
His departure comes after activist investor Elliott Management began acquiring a stake in PayPal last summer.
However, the CEO told CNBC that he was not pressured by Elliott to leave the company.
“I’m at a point in my life where I want to devote more time to my passions outside the workplace,” Schulman said in a statement.

PayPal announced Schulman's departure as part of its quarterly financial results released on Thursday.
In Q4, its revenue rose 7% YoY to $7.4B, roughly on par with analysts' expectations.
Last week, PayPal said it will cut 7% of if workforce, or 2,000 employees, as it grapples with a challenging economic environment.
The company's stock has lost about 75% of its value since a high in July 2021.