Companies that jump on the woke bandwagon with no real strategy or sense of purpose often find out quickly that customers don’t agree with their messaging. The latest news could be a lifeline for one of these now shaky companies, but it remains to be seen whether or not the message is genuine. It’s time for companies to think twice before betraying the American consumer.
After nearly eight years at the helm of one of the world’s preeminent digital payment companies, Dan Schulman recently announced his retirement from PayPal as CEO. Since his appointment in 2014, Schulman has been attributed with helping expand PayPal’s user base, driving investments in sustainable business models, and improving its global reach. Despite his impending departure he will remain an active member of the board.
Daily Wire reports, In a statement, PayPal CEO Dan Schulman announced that he would be retiring at the end of the year.
As the company’s chief executive, Schulman said that he wants to devote more time to his “passions outside the workplace.” He became the company’s CEO in 2014 after serving as American Express’ enterprise growth president.
According to one of the Wedbush Securities Managing Directors of Equity Research who works closely with PayPal, the abrupt departure does not come as a surprise.
In a statement he said, “I’m proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day. Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers. PayPal makes a difference every day for its customers and communities and the company is positioned for a great future.”
The retirement comes months after PayPal, which has deplatformed multiple organizations and commentators for their political views, had announced an upcoming change to its acceptable use policy that would have banned the promotion of “misinformation,” as well as “hate, violence, racial or other forms of intolerance that is discriminatory.”
After The Daily Wire reported on the policy change, which would have imposed a $2,500 fine for each violation, PayPal claimed that the guidelines were published “in error.”
As a result of a subsequent stock market selloff, PayPal lost $6 billion in valuation.
Many of us were expecting the CEO’s departure following the controversial political stances he took and the impact it had on his company. If it were me, put in the same position due to my own actions, I’d likely step down before the board acted to remove me. If he only worried about business and kept his political antics to himself, he wouldn’t be leaving to pursue his useless passions. It’s surprising he’s not passionate about discriminating against people because when it was happening, he seemed quite content then.
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