In a post-earnings call earlier this month, Schulman had said PayPal was in the final stages of selecting his successor.
The change of guard marks a watershed moment for digital payments giant PayPal, which has been looking to push deeper into the cryptocurrency payments space with the launch of a U.S. dollar stablecoin last week.
Chriss will be taking the helm at a time when cost-cutting has become a priority for PayPal, as it battens down the hatches to prepare for a potential slowdown. Under him, PayPal became the first major financial technology firm to embrace digital currencies for payments and transfers.
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