Dan Schulman

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Dan Schulman
Dan Schulman.jpg
Born (1958-01-19) 19 January 1958 (age 63)
NationalityAmerican
Alma materMiddlebury College (BEc)
NYU Stern (MBA)
OccupationBusinessman
TitlePresident and CEO of PayPal
Chairman of NortonLifeLock
Board member ofSymantec
Verizon
Rutgers University
Autism Speaks
Spouse(s)Jennie Kassanoff
Children2

Daniel H. Schulman (born January 19, 1958) is an American business executive. He is president and CEO of PayPal, formerly serving as group president of enterprise growth at American Express. The former president of Sprint's prepaid group and the founding CEO of Virgin Mobile, Schulman was responsible for American Express' global strategy to expand alternative mobile and online payment services, form new partnerships, and build revenue streams beyond the traditional card and travel businesses.[1]

Early life[edit]

Schulman was born in Newark, New Jersey, and grew up in Princeton, New Jersey. He was captain of the tennis and lacrosse teams at Princeton High School, and went on to receive a bachelor's degree in economics from Middlebury College, and an MBA from New York University Stern School of Business.[2][3][4]

His mother, S. Ruth Schulman, was associate dean of Rutgers' Graduate School of Applied and Professional Psychology (GSAPP) from 1974 to 1999.[5] His father, Mel Schulman, was a chemical engineer.[citation needed]

Schulman once told The New York Times, "I was born with social activism in my DNA. My grandfather was a union organizer in the garment district in New York City. My mother took me to a civil rights demonstration in Washington in my stroller."[6]

Business background[edit]

Schulman began his business career at AT&T, working more than 18 years there and becoming the youngest member of the company's senior executive team.[7] Schulman started at an entry-level account management position; when he left AT&T, he was president of the $22 billion consumer long-distance business, managing 40,000 employees.[8]

He then became president and COO, and then CEO of Priceline.com. During his two years there, Priceline's annual revenues grew from a reported $20 million to about $1 billion.[7]

In 2001, Richard Branson invited Schulman to become the founding CEO of Virgin Mobile USA, Inc. Schulman led the company from its national launch in 2002 to it becoming a public company in 2007, and ultimately its sale to Sprint Nextel in 2009.[8] His tenure at the company was noted by the company's growth as the "no hidden fees" carrier.[9][8] By the time Schulman left Virgin Mobile, it had become one of the nation's top wireless carriers, with more than 5 million customers and $1.3 billion in annual sales.[citation needed] Following the sale of Virgin Mobile to Sprint Nextel, Schulman served as President of Sprint's Prepaid group until he moved to American Express.[8][10]

On September 30, 2014, it was announced that Schulman would become CEO of PayPal, which would continue as a separate legal entity, split from eBay in 2015.[11] His tenure was also marked by the $2.2 billion acquisition of European payment provider iZettle, PayPal's second largest purchase to date.[12] He has stated that his goals at PayPal include giving financial tools to the 70 million Americans underserved by the U.S. financial system.[8]

During the 2018–19 United States federal government shutdown, Schulman initiated the idea for PayPal to offer $500 in interest-free cash advances to furloughed U.S. government workers, committing to provide up to $25 million in interest-free loans.[13] In April 2019, Schulman announced PayPal's plans to invest $500 million in Uber to connect the two marketplaces.[14] In November 2020, Schulman oversaw the launch of cryptocurrency purchasing and selling on PayPal.[15]

In 2019, Schulman unveiled PayPal’s Employee Financial Wellness initiative to help struggling workers by lowering healthcare costs, and creating avenues for employees to receive equity in the company to promote long-term saving.[16] In 2020 he announced PayPal’s $535 million commitment to support Black-owned businesses and minority communities in the U.S. in an effort to help close the racial wealth gap.[17]

Board service[edit]

Schulman previously served as Non-Executive Chairman of NortonLifeLock (formerly Symantec Corporation).[18][19] In September 2018, he was elected as a member of the Verizon Board of Directors.[20] Schulman also served on the advisory committee of Greycroft Partners, a private equity company focused on early-stage new media and technology companies.[21]

Schulman was on the Board of Governors of Rutgers University from April 2008 to June 2013.[22] He also serves on the board at Autism Speaks, an advocacy group dedicated to advancing research into causes and treatments for individuals on the autism spectrum.[23][24] Schulman serves as a Board of Directors member on the Business Roundtable[25] and The Economic Club of New York, and is an International Advisory Council member of the Singapore Economic Development Board.[26] He is a life member of the Council on Foreign Relations.[27]

Politics[edit]

Schulman denounced the North Carolina Public Facilities Privacy & Security Act that mandated people in public facilities use bathrooms in accordance to their gender at birth.[28] He stated that "The new law perpetuates discrimination and it violates the values and principles that are at the core of PayPal's mission and culture."[28] Schulman also cosigned an opposition letter with about 120 executives from major corporations.[29] In protest at the new law in North Carolina, Schulman announced that the company was canceling its expansion to hire 400 people in the state.[29][30]

Dan Schulman wrote in the PayPal statement, "While we will seek an alternative location for our operations center, we remain committed to working with the LGBT community in North Carolina to overturn this discriminatory legislation, alongside all those who are committed to equality."[28]

Awards[edit]

Schulman was named by Business Week as one of the top 20 people to watch in media,[31] and was named the Ernst & Young 2009 Entrepreneur of the Year.[32] In 2009 he was named one of the top 25 most powerful people in the global wireless industry.[33] In 2017, the Council for Economic Education honored Schulman with its Visionary Award for promoting economic and financial literacy to create a better informed society.[34]

Fortune included him in the top ten in its 2017 Businessperson of the Year list, its 2018 list,[35] and its 2019 list.[36] In 2017, Schulman was recognized by the Brennan Center for Justice with its Brennan Legacy Award, named after the Supreme Court justice, for his contributions to democratize financial services and build a more inclusive global economy.[37] In 2018, the Center for Financial Services Innovation awarded Schulman the first-ever Financial Health Network Visionary Award for his contributions to a "more accessible and inclusive" financial system.[38]

In 2018, Rutgers University awarded him an honorary doctorate, and he delivered the University's 252nd anniversary commencement speech.[22]

In 2019, Schulman was recognized by Endeavor Global with the High-Impact Leader of the Year Award for his work to support entrepreneurs around the globe.[39] He was also named one of Glassdoor's Top 50 CEOs in 2019.[40]

In 2020, the Robert F. Kennedy Center for Justice and Human Rights honored Schulman with the Ripple of Hope Award, which recognizes those who have demonstrated a commitment to social change and a passion for equality, justice and basic human rights.[41]

Personal life[edit]

Schulman is married to Jennie, daughter of Dr. Arnold Howard Kassanoff, a physician, and Dorothy Jane Spitzberg.[42] They have a son and a daughter.[42][43]

When he was CEO of Virgin Mobile, Schulman led a partnership with StandUp For Kids, a nonprofit that distributes survival kits and a hotline number to homeless youth. To get a truer sense of what homeless kids experience, Schulman once spent 24 hours on the streets of New York City, unshaven, wrapped in a blanket, and without money, a watch, or a cell phone. "There's a certain amount of deference paid to a CEO," he later said. "No one paid attention to me on the street. I consider myself a good communicator and a good salesman. It took me five hours of begging to raise less than a dollar. My entire concept of what is important changed. Time is usually my most valuable commodity, but for that 24 hours I had too much time. Forget Starbucks and a $4 latte – I walked two miles to find a 25-cent cup of coffee."[6]

Schulman has practiced Krav Maga since his teens has stated that he adheres the same philosophy in business. He said in an interview, "there’s a philosophy in martial arts which is, 'Never stand still.' Standing still is asking to be hit. You always have to be willing to take some risks going forward. You can’t stand still".[44]

He has been a resident of Warren Township, New Jersey.[45]

References[edit]

  1. ^ "American Express Announces Executive and Board of Directors Appointments". about.americanexpress.com. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  2. ^ "Executive Profile Daniel H. Schulman". Bloomberg Businessweek. 23 January 2015.
  3. ^ "Daniel H. Schulman, Virgin Mobile USA CEO, Inducted to Rutgers Board of Governors". 7 January 2010. Archived from the original on 7 January 2010. Retrieved 13 March 2020.
  4. ^ OLSEN, DAN SCHULMAN; As told to PATRICIA R. (24 February 2008). "Teamwork's Rewards". The New York Times. ISSN 0362-4331. Retrieved 13 March 2020.
  5. ^ "Ms. Kassanoff to Wed Daniel H. Schulman". The New York Times. 7 April 1991. ISSN 0362-4331. Retrieved 13 March 2020.
  6. ^ a b "Teamwork's Rewards". The New York Times. 24 February 2008. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  7. ^ a b "NYSE Magazine profile, 2008" (PDF). nyse.com. Archived from the original (PDF) on 5 October 2014. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  8. ^ a b c d e Shontell, Anna Mazarakis, Alyson. "The CEO of PayPal started his career making $14,000 a year – here's how he rose through the ranks and took 3 companies public". Business Insider. Retrieved 17 December 2018.
  9. ^ Walsh, Mark (11 August 2005). "Prepaid Cellphone Plans". The New York Times. ISSN 0362-4331. Retrieved 17 December 2018.
  10. ^ "Meet Dan Schulman, PayPal's new President and CEO designee". www.ebayinc.com. 30 September 2014. Retrieved 13 March 2020.
  11. ^ Faber, David (30 September 2014). "EBay, PayPal to split into separate public companies". cnbc.com. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  12. ^ Bosilkovski, Igor. "PayPal Makes Its Biggest Acquisition Ever By Buying Swedish Startup iZettle For $2.2 Billion". Forbes. Retrieved 23 March 2020.
  13. ^ Ioannou, Lori (23 January 2019). "Why PayPal is giving $500 cash advances to federal workers hurt by government shutdown". CNBC.
  14. ^ Ghosh, Shona. "PayPal is investing $500 million into Uber as part of the ride-hailing firm's $90 billion IPO". Business Insider. Retrieved 7 May 2019.
  15. ^ "PayPal plans a much wider embrace of cryptocurrency, including Venmo use". Fortune.
  16. ^ Fitzgerald, Maggie (12 November 2020). "PayPal CEO says investing in low-level employees will drive shareholder returns". CNBC.
  17. ^ Sorkin, Andrew Ross; Karaian, Jason; Merced, Michael J. de la; Hirsch, Lauren; Livni, Ephrat (28 October 2020). "PayPal Invests in Racial Equality". The New York Times. Retrieved 11 February 2021.
  18. ^ "Symantec Splits Chairman and CEO Position". www.sec.gov. Retrieved 23 March 2020.
  19. ^ "NortonLifeLock Announces Leadership and Governance Appointments". www.businesswire.com. 7 November 2019. Retrieved 5 February 2021.
  20. ^ "PayPal President and CEO Daniel H. Schulman elected to Verizon Board of Directors". www.verizon.com. 6 September 2018. Retrieved 23 March 2020.
  21. ^ "Greycroft Partners, Advisor". greycroftpartners.com. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  22. ^ a b "Dan Schulman, PayPal President and CEO, Named Rutgers University's 252nd Anniversary Commencement Speaker". Rutgers Today. 9 April 2018. Retrieved 17 December 2018.
  23. ^ "Board Members". Autism Speaks. 7 July 2012. Retrieved 14 April 2017.
  24. ^ "PayPal CEO Dan Schulman Named As Rutgers 2018 Graduation Speaker". New Brunswick, NJ Patch. 10 April 2018. Retrieved 23 March 2020.
  25. ^ "Board of Directors". www.businessroundtable.org. Retrieved 5 February 2021.
  26. ^ "Economic Advisory Council". www.edb.gov.sg. Retrieved 5 February 2021.
  27. ^ "Council on Foreign Relations". Council on Foreign Relations. Retrieved 5 February 2021.
  28. ^ a b c Wolff-Mann, Ethan. "PayPal Kills Major Expansion in North Carolina Due to Anti-LGTBQ Law". Money. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  29. ^ a b Kamp, Jon; Bauerlein, Valerie (5 April 2016). "PayPal Cancels Plan for Facility in North Carolina, Citing Transgender Law". Retrieved 26 October 2017 – via www.wsj.com. CS1 maint: discouraged parameter (link)
  30. ^ "PayPal Withdraws Plans For Operations Center in North Carolina". fortune.com. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  31. ^ "Stocks". Bloomberg.com. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  32. ^ "Ernst & Young Entrepreneur Of The Year, 2009". Archived from the original on 1 November 2009. Retrieved 3 November 2009.
  33. ^ "22. Dan Schulman, CEO of Virgin Mobile USA – FierceWireless". www.fiercewireless.com. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  34. ^ "Visionary Awards: Celebrate with CEE the leaders of Economic Education". councilforeconed.org. Retrieved 26 October 2017. CS1 maint: discouraged parameter (link)
  35. ^ "Businessperson of the Year". fortune.com. 16 November 2017. Retrieved 26 December 2018. CS1 maint: discouraged parameter (link)
  36. ^ "Daniel Schulman". Fortune.
  37. ^ "PayPal President/CEO Dan Schulman to be Rutgers commencement speaker". MY CENTRAL JERSEY. Retrieved 26 December 2018. CS1 maint: discouraged parameter (link)
  38. ^ "Press Release: Dan Schulman awarded the Financial Health Visionary Award". cfsinnovation.org. Retrieved 26 December 2018. CS1 maint: discouraged parameter (link)
  39. ^ "2019 Endeavor Gala Honoring Dan Schulman Convenes Worldwide Network in New York City to Celebrate High-Impact Entrepreneurship". Endeavor. 26 November 2019. Retrieved 14 February 2021.
  40. ^ "Top CEOs". Glassdoor. Retrieved 14 February 2021.
  41. ^ "Dr. Fauci and Colin Kaepernick to receive award for "commitment to social change"". CBS News. 30 July 2020. Retrieved 11 December 2020.
  42. ^ a b "Arnold Kassanoff 1932 – 2012". Dallas Morning News. 1 March 2012. Retrieved 4 September 2019. CS1 maint: discouraged parameter (link)
  43. ^ "PayPal seeks to offer better financial services to the poor". Ynetnews. 20 June 2016.
  44. ^ Gelles, David (27 July 2018). "Dan Schulman of PayPal on Guns, Cash and Getting Punched". The New York Times. ISSN 0362-4331. Retrieved 17 December 2018.
  45. ^ "Daniel H. Schulman, Virgin Mobile USA CEO, Inducted to Rutgers Board of Governors", Rutgers University, 6 July 2009, backed up by the Internet Archive as of 7 January 2010. Accessed 21 October 2015. "Schulman, who lives in Warren, N.J., remains a trustee through 2013."