Squawk on the Street
New CEO for PayPal, Goldman's Rate Cut Call, U.S. Steel Rejects Takeover Bid 8/14/23
Aug 14, 2023
PayPal announces Alex Chriss as their new CEO. The hosts discuss the upcoming market week with earnings reports from Walmart, Target, and Home Depot. Goldman Sachs predicts Fed rate cuts. U.S. Steel rejects a takeover bid. Focus on negative press around Goldman Sachs CEO David Solomon.
43:16
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Quick takeaways
- PayPal has appointed Alex Chriss as its new CEO, emphasizing the company's focus on small and medium-sized businesses for growth.
- Bank of America predicts the Federal Reserve will begin easing in Q2 2024, leading to an upgraded outlook on the US consumer sector.
Deep dives
PayPal announces new CEO, Alex Chriss, to take over from Dan Schulman
PayPal has announced the appointment of Alex Chriss as its new CEO, effective September 27th. Chriss, who currently runs the small business and self-employed group for Intuit, was selected after a rigorous search process that reviewed nine candidates and considered their expertise in leading divisions and contributing to revenue growth. Chriss impressed the PayPal board with his knowledge and experience in the small and medium-sized business segment, which aligns with PayPal's growth ambitions. The company also revealed that Chriss oversaw a successful $12 billion acquisition for Intuit, demonstrating his ability to execute strategic deals.
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