Dan Schulman, the CEO of Paypal, announced that he would be stepping down from his position at the end of the year. The company had been criticized for its information policy, which led to it losing billions of dollars.
According to the Daily Wire, he decided to step down from his position due to his desire to spend more time with his passion. He became the CEO of Paypal in 2014. Before becoming the company's CEO, he was the president of American Express.
In his statement, he thanked the employees of Paypal and said that he was proud of the company's achievements.
He noted that the company had transformed its e-commerce and financial services offerings. It is now positioned for a bright future.
In response to the company's controversial policies, PayPal had removed conservative groups and commentators from its platform. The company also announced that it would be changing its acceptable use policy to prevent the promotion of hate speech and racial and other forms of discrimination. However, after the guidelines were criticized, the company withdrew its plan to impose a $2,500 penalty on individuals who had a different opinion.
The policies resulted in a stock market selloff of $6 billion, which Paypal lost due to the actions of its customers. Many of them decided not to support the company by canceling their accounts.
The company lost $6 billion in value during a stock market selloff as people canceled their accounts.
Despite his political beliefs, which he displayed during an interview months earlier, he still remains as the company's representative.
Despite the importance of delivering an excellent service or product, he noted that trust also extends beyond that.
He noted that to be a trustworthy company, its values and mission should be clear. They should also make it clear that they stand for issues that are important to society.
The preceding article is a summary of an article that originally appeared on Headline USA