DIRS.INFO The most relevant business & tech news

PayPal CEO Dan Schulman scooped up more than 26,000 shares of his company's stock last week, at a cost of nearly $2 million, according to VerityData and securities filings. Prior to that, Schulman had been a consistent seller of PayPal stock, according to VerityData. PayPal : $1.99 million buy from CEO Dan Schulman on Feb. 17. ConocoPhillips : $0.63 million buy from director Al Walker on Feb. 17 Wintrust Financial : $0.61 million buy from director Brian Kenney on Feb. 16 Devon Energy : $0.53 million buy from CEO Richard Muncrief on Feb. 17. Markel : $0.53 million buy from director Greta Harris on Feb. 17.

☆ Who's going to run PayPal? Industry insiders highlighted 6 potential candidates to succeed Dan Schulman at the payments giant.
▼ + stars: | 2023-02-21 | by ( Paige Hagy | Bianca Chan | ) www.businessinsider.com time to read: +2 min

Payments giant PayPal is in search of a new CEO. Insider spoke with seven industry experts for their thoughts on who might be tapped for the role. On February 9, PayPal's president and CEO, Dan Schulman, announced his plans to retire at the end of the year. In August 2022, PayPal estimated that savings from cost cutting would reach $1.3 billion in 2023, on the back of 2022 savings to the tune of $900 million. Insider spoke with seven analysts, VCs, and industry insiders to discuss who they think would be prime candidates to succeed Schulman.

☆ PayPal's CEO search amid an uncertain economy will be no easy task
▼ + stars: | 2023-02-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In case you missed it, PayPal CEO and President Dan Schulman announced his plan to retire at the end of 2023 earlier this month. Coming off an extremely difficult 2022, and with competition seemingly coming at them from every which way, PayPal has to find a new CEO. I hesitate to compare this to the seemingly never-ending CEO search at Carlyle, but it's easy to see how a difficult quarter or two could complicate this entire search. The rich stay rich thanks to another loophole that helps them save on taxes. Elliott Management's Paul Singer and Two Sigma's David Siegel both played second fiddle to Haidar Capital's Said Haidar in 2022 when it came to comp.

☆ PayPal Needs to Show It Can Play Defense and Offense
▼ + stars: | 2023-02-10 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

PayPal will be under new management soon. There will be plenty to do. On Thursday, alongside the company’s earnings report, PayPal Chief Executive Dan Schulman announced that he will be retiring. After enjoying the pandemic digital-commerce boom, PayPal now faces a bevy of challenges, with shares down by more than a third in the past year, as revenue and transaction growth have decelerated. That is a reflection of how e-commerce growth has greatly slowed since the peak, putting much more pressure on digital-payments companies to show growing share or deepening monetization.

☆ PayPal begins search for Dan Schulman's successor
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPayPal begins search for Dan Schulman's successorPayPal CEO Dan Schulman is stepping down from his role at the end of 2023 and the search for his successor is underway. CNBC's Deirdre Bosa has the details.

☆ Does anyone want to stay in investment banking these days?
▼ + stars: | 2023-02-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Banker salaries will get you in first class, but the potential total comp at PE firms and hedge funds will get you flying private. PE firms have been known to grind through people, but nothing quite compares to life at an investment bank. An investment bank's analyst program remains the go-to route to get your foot in the door on the Street. Click here to read more about salaries being offered by top PE firms to 2024 associates. All kidding aside, this deep dive by ProPublica is a fascinating look into how investment firms are helping the ultrarich save on taxes.

☆ Stocks making the biggest moves midday: Lyft, Spotify, Expedia, Yelp and more
▼ + stars: | 2023-02-10 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Expedia — The travel company's stock toppled nearly 8% after falling short of analysts' revenue and earnings expectations for the recent quarter. Yelp — Yelp's stock jumped 4% after fourth-quarter revenue beat analysts expectations, according to Refinitiv. Deutsche Bank — Shares fell 3% after Bank of America downgraded Deutsche Bank to underperform from neutral, saying the European bank is "struggling to improve profitability." The decline in shares came despite a top-and-bottom line beat on analysts' expectations, according to FactSet. Adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter came in below analysts' expectations, according to FactSet.

☆ Jim Cramer's top 10 things to watch in the stock market Friday: Stocks stumble, again
▼ + stars: | 2023-02-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

RL (RL) gets price target increase at $135 per share from $115 at Credit Suisse. Bank of America lowers price target on Mattel (MAT) to $21 per share from $26. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Macroeconomic pressures have begun to hurt American consumers, particularly those in the lower income bracket, but PayPal's customers continue to spend largely undeterred by decades-high inflation. Even so, the company's upbeat forecast comes alongside its previously announced commitment of lowering expenses in the backdrop of its key e-commerce segment feeling the pinch of a slowdown. Inflationary pressures have affected discretionary consumer spending and post-COVID spending patterns are still evolving," acting finance chief Gabrielle Rabinovitch said in a call with analysts. In a divergence from prior quarters, PayPal said it will not provide a forecast for full-year revenue growth. PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis.

Feb 9 (Reuters) - PayPal Holdings Inc (PYPL.O) forecast full-year profit above Wall Street estimates on Thursday and said Chief Executive Dan Schulman will retire at the end of 2023, after nearly eight and a half years at the payment firm's helm. PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis. PayPal earned a profit of $1.24 per share on an adjusted basis in the fourth quarter ended Dec. 31, beating analyst estimates of $1.20 per share. PayPal was one of the biggest winners during the COVID pandemic when people locked at home used its platform while shopping online. Reporting by Manya Saini and Jaiveer Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ PayPal CEO Dan Schulman to Retire
▼ + stars: | 2023-02-09 | by ( Peter Rudegeair | ) www.wsj.com time to read: 1 min

PayPal Holdings Inc. Chief Executive Dan Schulman said he would retire from the company at the end of 2023, ending a nine-year run atop the payments giant. PayPal’s board hasn’t yet chosen a successor. Mr. Schulman said he would help with the leadership transition and remain on the board.

☆ PayPal CEO Dan Schulman to leave at end of 2023, company begins search for successor
▼ + stars: | 2023-02-09 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Dan Schulman, CEO of Paypal, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, July 10, 2019. PayPal said on Thursday that CEO and president Dan Schulman will retire and leave the company at the end 2023. Schulman, who became PayPal CEO after the split from eBay in 2015, notified the company of his decision to retire at the end of December. He will remain a member of PayPal's board of directors, which is hiring a search firm to find a successor. PayPal shares jumped by about 130% since the 2015 spinoff.

☆ Blame the CEO for Tech Layoffs at Google, Facebook, Salesforce, Amazon
▼ + stars: | 2023-02-06 | by ( Ed Zitron | ) www.businessinsider.com time to read: +10 min

CEOs made mistakes, workers bear the bruntIn their layoff announcements, pretty much every tech company placed the blame for the cuts on the economy. While they may protect the CEO's reputation or placate investors, layoffs are immensely damaging for workers, even well-paid tech employees. With great power comes no responsibilityThe blame-shifting of these tech companies and their CEOs is not unprecedented, or even that uncommon. CEO pay skyrocketed by 1,460% from 1978 to 2021, and the ratio of average-worker pay to CEO pay ballooned from 20-to-1 in 1965 to 399-to-1 in 2021. Instead, tech CEOs have passed the pain off to people who in many cases were performing well in their roles.

☆ Mediterranean restaurant chain Cava confidentially files for an IPO
▼ + stars: | 2023-02-06 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Mediterranean chain Cava announced Monday it has confidentially filed for an initial public offering. It's the first restaurant company so far this year to take the first step toward a public market debut, following a drought of IPOs in 2022. In 2018, it bought Zoes Kitchen for $300 million, taking the chain private. The company is converting Zoes locations into new Cava restaurants, expanding its footprint. Cava also sells its dips and spreads, like spicy hummus, tzatziki and tahini dressing, at Whole Foods and other grocery stores.

☆ A night with Wall Street's stars: Take a look at Insider's celebration of top investors, dealmakers, and traders
▼ + stars: | 2023-02-01 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +4 min

Hello 10 Things on Wall Street readers! As you might know, for the last few years Insider has been highlighting some of the most talented young people on Wall Street. Take a look at all the photos from Insider's celebration of Wall Street's rising stars here. A decade after the private-equity giant helped launch Athene Holdings, more private money managers are moving into insurance as they hunt for higher yields, the Wall Street Journal reports. Adam Berry, head of US loan trading is leaving Wall Street to join the Philadelphia Eagles, according to Bloomberg.

☆ PayPal to lay off 2,000 employees in coming weeks, about 7% of workforce
▼ + stars: | 2023-01-31 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

President and CEO Dan Schulman wrote in the release that PayPal is working to address the "challenging macroeconomic environment." PayPal on Tuesday announced plans to lay off 2,000 employees, or around 7% of its workforce, according to a release posted to the company's website . Earlier this month, Google announced plans to lay off more than 12,000 workers, Microsoft announced plans to cut 10,000 employees and Salesforce announced plans to lay off 7,000 workers. In its third-quarter earnings report, PayPal beat on earnings and revenue expectations, but shares slid after the company's Q4 revenue estimate came in behind analysts' expectations. During a call with analysts after the company's Q3 earnings report, acting CFO Gabrielle Rabinovich talked about the company's projections for 2023.

☆ Payments firm PayPal to lay off 7% of its workforce to cut costs
▼ + stars: | 2023-01-31 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown. The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as companies look to rein in costs to ride out the downturn. Shares of the payments firm, which lost about 60% of their value last year, were up about 2% in afternoon trading. "Similar to other tech companies, PayPal is seeking to position itself financially and strategically, bracing for an economic slowdown," said Moshe Katri, analyst at Wedbush. In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.

☆ Capri names insider Cedric Wilmotte as CEO of Michael Kors
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - U.S. luxury group Capri Holdings Ltd (CPRI.N) on Monday named company veteran Cedric Wilmotte as the chief executive officer of its Michael Kors brand. Wilmotte, 48, who will take charge from April 3, recently served as the interim CEO of the group's Versace brand and is currently the label's chief operating officer. He previously led Michael Kors' EMEA (Europe, Middle East, Africa) business from 2008 to 2021. In March, Capri said the head of its Michael Kors brand, Joshua Schulman, who was set to become the group's top boss later in the year, would exit. Schulman was named Michael Kors' chief executive in August 2021.

☆ Microsoft announces new multibillion-dollar investment in ChatGPT-maker OpenAI
▼ + stars: | 2023-01-23 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Microsoft CEO Satya Nadella speaks at the company's Ignite Spotlight event in Seoul on Nov. 15, 2022. Microsoft on Monday announced a new multiyear, multibillion-dollar investment with ChatGPT-maker OpenAI. Microsoft declined to provide a specific dollar amount, but Semafor reported earlier this month that Microsoft was in talks to invest as much as $10 billion. Microsoft said the renewed partnership will accelerate breakthroughs in AI and help both companies commercialize advanced technologies in the future. In July 2019, Microsoft backed OpenAI with $1 billion, and the investment made Microsoft the "exclusive" provider of cloud computing services to OpenAI.

☆ Top business leaders discuss financial innovation at the World Economic Forum
▼ + stars: | 2023-01-17 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 2:30 a.m. Please refresh the page if you do not see a player above at that time.] Moderated by CNBC's Steve Sedgwick, top business leaders discuss at Davos, Switzerland, how financial actors respond to ongoing disruptions while keeping pace with technological advancement. Joining CNBC is Ronald P. O'Hanley, the chairman and chief executive officer at State Street Corporation, Lynn Martin, president of NYSE Group Inc., Dan Schulman, the president and chief executive officer at PayPal, Mark Suzman, the chief executive officer of the Bill & Melinda Gates Foundation and Mohammed Al-Jadaan, the minister of finance for Saudi Arabia. Subscribe to CNBC on YouTube.

[1/3] The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019. Peltz, a billionaire activist who operates via his Trian Partners hedge fund, called for Disney to cut costs and turn a profit at its Disney+ streaming business, which has been losing money despite expanding at a fast clip. Its shares sank last year as losses deepened in its streaming business, and the price is now less than half the stock's 2021 high. Disney, Trian said, had overpaid for the assets of 21st Century Fox and bid aggressively for pay-TV giant Sky PLC. Disney said Trian would file with the Securities and Exchange Commission on Thursday to elect Peltz for a board seat in opposition to the company's nominees.

☆ Worried about the economy? These 5 successful companies were started during the Great Recession
▼ + stars: | 2022-12-29 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +5 min

Multiple high-profile startups that did just that after launching during the Great Recession, which ran from late-2007 to the summer of 2009. It's proof that even tough times aren't enough to prevent every great idea from growing into a flourishing business — especially if your idea can save other people money during tough times. Today, Groupon has more than 20 million active customers — a lot, but less than half of its 54 million customers in 2014. The app currently has more than 90 million users. In 2018, PayPal CEO Dan Schulman told CNBC that he's seen Venmo help people who grew up during the Great Recession become more thoughtful about taking care of their money.

☆ How to make money as a 'starving artist,' according to one creative who turned her talent into a $1.2 million business
▼ + stars: | 2022-12-28 | by ( Amanda Breen | ) www.businessinsider.com time to read: +7 min

Miriam Schulman started teaching art classes online 10 years ago. Schulman said a "starving artist" mentality holds creative entrepreneurs back. She's been an artist for two decades, and 10 years ago, she started teaching online art classes after one of her customers on Etsy inquired about it. So Schulman investigated how other people filled their online classes — and soon realized the importance of building an email list. "Not just the online classes — but I also [built the email list to] be able to sell more of my artwork."

☆ The 10 biggest losers in the S&P 500 this year have erased $1.6 trillion in market value
▼ + stars: | 2022-12-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +9 min

In a losing year for US stocks, here are the 10 biggest percentage decliners on the S&P 500. The 10 largest S&P 500 stock losers wiped out $1.6 trillion in market value. The 10 S&P 500 companies that have experienced the largest stock-price declines heading into the end of 2022 have wiped out a combined market value of more than $1.6 trillion. PayPalTicker: PYPLYTD Performance: -63.4%Market Value Decline: $142.49 billionLike many tech companies, the digital payments processor is seeing a slowdown after a pandemic boom. Photo by George Frey/Getty ImagesTicker: GNRCYTD Performance: -73.8%Market Value Decline: $16.6 billionMass COVID lockdowns helped sparked big demand for backup generators as people worked and studied at home.

☆ Hope Global Forums rallies business leaders for financial literacy, ‘so that everyone learns the language of money’
▼ + stars: | 2022-12-26 | by ( Frank Holland | In | ) www.cnbc.com time to read: +4 min

"Our goal is that by the time your kids grow up, financial literacy is in school — kindergarten through college — as a requirement so that everyone learns the language of money." To that end, Operation Hope in 2021 launched Financial Literacy for All, a joint initiative with businesses such as Walmart, Bank of America, Disney and many others. Ambassador Andrew Young were among the business leaders joining Bryant on stage at the Hope Global Forums in Atlanta to talk about silver rights and the power of financial literacy. "John Hope Bryant and I have come together to form Financial Literacy for All to take on financial education. Operation Hope is focused on wealth inequality in the Black community and communities of color, and narrowing that gap.

Search resuls for: "Schulman"

25 mentions found