Dan Schulman
{{short description|American business executive (born 1958)}}
{{about||the Canadian sportscaster|Dan Shulman|other people|Daniel Schulman (disambiguation)}}
{{Use dmy dates|date=December 2019}}
{{Infobox person
| name = Dan Schulman
| image = Dan Schulman.jpg
| alt = Schulman gives a speech at a conference
| caption = Schulman in 2013
| birth_date = {{birth date and age|df=yes|1958|01|19}}
| birth_place = Newark, New Jersey, U.S.
| occupation = Businessman
| alma_mater = Middlebury College (BA)
New York University (MBA)
| title = Chairman of NortonLifeLock
| known_for = Former President and CEO of PayPal
| boards = Symantec
Verizon
Rutgers University
Autism Speaks
| children = 2
}}
Daniel H. Schulman (born January 19, 1958) is an American former business executive. He is the former president and CEO of PayPal, and before that group president of enterprise growth at American Express. 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.{{cite web|title=American Express Announces Executive and Board of Directors Appointments|url=http://about.americanexpress.com/news/pr/2010/appts.aspx|website=about.americanexpress.com|accessdate=26 October 2017|archive-date=17 March 2012|archive-url=https://web.archive.org/web/20120317203834/http://about.americanexpress.com/news/pr/2010/appts.aspx|url-status=dead}} Earlier, he was president of Sprint's prepaid group and the founding CEO of Virgin Mobile.
Early life
Schulman was born in Newark, New Jersey to Jewish parents, and grew up in Princeton, New Jersey with two siblings, a brother Joel Schulman, and a sister, the late Amy Adina Schulman, who died in 1986.[https://amyadinaschulmanfund.org/about-amy-adina Amy Adina Schulman Fund website]. Accessed December 13, 2022. 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.{{Cite news|url=https://www.bloomberg.com/research/stocks/people/person.asp?personId=174206&ticker=AXP |title=Executive Profile Daniel H. Schulman |publisher=Bloomberg Businessweek|date=January 23, 2015}}{{Cite web|url=http://news.rutgers.edu/medrel/news-releases/2009/06/daniel-h-schulman-vi-20090615|title=Daniel H. Schulman, Virgin Mobile USA CEO, Inducted to Rutgers Board of Governors|date=2010-01-07|archive-url=https://web.archive.org/web/20100107023757/http://news.rutgers.edu/medrel/news-releases/2009/06/daniel-h-schulman-vi-20090615|access-date=2020-03-13|archive-date= January 7, 2010}}{{Cite news |last1=Schulman |first1=Dan |last2=Olsen |first2=Patricia R.|url=https://www.nytimes.com/2008/02/24/jobs/24boss.html|title=Teamwork's Rewards|date=2008-02-24|work=The New York Times |access-date=2020-03-13|issn=0362-4331}}
His mother, S. Ruth Schulman, was associate dean of Rutgers' Graduate School of Applied and Professional Psychology (GSAPP) from 1974 to 1999.{{Cite news|url=https://www.nytimes.com/1991/04/07/style/ms-kassanoff-to-wed-daniel-h-schulman.html|title=Ms. Kassanoff to Wed Daniel H. Schulman|date=1991-04-07|work=The New York Times|access-date=2020-03-13|language=en-US|issn=0362-4331}} His father, Mel Schulman, was a chemical engineer.{{Cite web|title=View Melvin Schulman's Obituary on NJ.com and share memories|url=https://obits.nj.com/obituaries/trenton/obituary.aspx?n=melvin-a-schulman&pid=3358916&referrer=1012|access-date=2021-06-08|website=obits.nj.com}}
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."
Career
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.{{cite web|url=https://www.nyse.com/pdfs/VIRGINmobile.pdf|title=NYSE Magazine profile, 2008|publisher=New York Stock Exchange |accessdate=26 October 2017|archive-url=https://web.archive.org/web/20141005104257/http://www1.nyse.com/pdfs/VIRGINmobile.pdf|archive-date=5 October 2014|url-status=dead}} Schulman started at an entry-level account management position; when he left AT&T, he was president of the company, managing 40,000 employees.{{Cite web|url=https://www.businessinsider.com/dan-schulman-interview-paypal-ceo-success-how-i-did-it-podcast-2017-8|title=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|last=Shontell|first=Anna Mazarakis, Alyson|website=Business Insider|access-date=17 December 2018}}
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.
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. His tenure at the company was noted by the company's growth as the "no hidden fees" carrier.{{Cite news|url=https://www.nytimes.com/2005/08/11/technology/circuits/prepaid-cellphone-plans.html|title=Prepaid Cellphone Plans|last=Walsh|first=Mark|date=11 August 2005|work=The New York Times|access-date=17 December 2018|language=en-US|issn=0362-4331}} 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.{{Cite web|title=Virgin Mobile USA Reports $115 Million in Adjusted EBITDA Excluding Transition and Restructuring Costs for the Full Year 2008|url=http://media.corporate-ir.net/media_files/irol/21/211992/quarter/Q408release.pdf}} Following the sale of Virgin Mobile to Sprint Nextel, Schulman was president of Sprint's Prepaid group until he moved to American Express.{{Cite web|url=https://www.ebayinc.com/stories/news/meet-dan-schulman-paypals-new-president-and-ceo-designee/|title=Meet Dan Schulman, PayPal's new President and CEO designee|date=2014-09-30|website=www.ebayinc.com|language=en-US|access-date=2020-03-13}}
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.{{cite web|url=https://www.cnbc.com/2014/09/30/ebay-and-paypal-to-split-into-two-separately-traded-companies.html|title=EBay, PayPal to split into separate public companies|first=David|last=Faber|date=30 September 2014|website=CNBC|access-date=26 October 2017}} He has stated that his goals at PayPal include giving financial tools to the 70 million Americans underserved by the U.S. financial system.
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.{{Cite web|url=https://www.cnbc.com/2019/01/23/why-paypal-is-offering-federal-workers-loans-during-the-government-shutdown.html|title=Why PayPal is giving $500 cash advances to federal workers hurt by government shutdown|first=Lori|last=Ioannou|date=23 January 2019|website=CNBC}} 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.{{cite web |last1=Fitzgerald |first1=Maggie |title=PayPal CEO says investing in low-level employees will drive shareholder returns |url=https://www.cnbc.com/2020/11/12/paypal-ceo-investing-in-low-level-workers-drives-shareholder-returns-.html |website=CNBC |language=en |date=12 November 2020}}
In February 2023, it was announced that Schulman would step down as PayPal CEO by 31 December 2023. He will reportedly remain on the board of directors.{{Cite web |title=PayPal CEO Dan Schulman to step down |url=https://www.altfi.com/article/10402_paypal-ceo-dan-schulman-to-step-down |access-date=2023-02-13 |website=AltFi |language=en}}
=Board service=
Schulman previously was non-executive chairman of NortonLifeLock (formerly Symantec Corporation).{{Cite web|url=https://www.sec.gov/Archives/edgar/data/849399/000119312513020049/d472123dex991.htm|title=Symantec Splits Chairman and CEO Position|last=|first=|date=|website=www.sec.gov|access-date=2020-03-23}}{{Cite web|date=2019-11-07|title=NortonLifeLock Announces Leadership and Governance Appointments|url=https://www.businesswire.com/news/home/20191107006091/en/NortonLifeLock-Announces-Leadership-and-Governance-Appointments|access-date=2021-02-05|website=www.businesswire.com|language=en}} In September 2018, he was elected as a member of the Verizon board of directors.{{Cite web|url=https://www.verizon.com/about/news/paypal-president-and-ceo-daniel-h-schulman-elected-verizon-board-directors|title=PayPal President and CEO Daniel H. Schulman elected to Verizon Board of Directors|date=2018-09-06|website=www.verizon.com|language=en|access-date=2020-03-23}} Schulman was also on the advisory committee of Greycroft Partners, a private equity company focused on early-stage new media and technology companies.{{cite web|url=http://www.greycroftpartners.com/team/|title=Greycroft Partners, Advisor|website=greycroftpartners.com|accessdate=26 October 2017}}
Schulman was on the board of governors of Rutgers University from April 2008 to June 2013. He also is on the board at Autism Speaks, an advocacy group dedicated to advancing research into causes and treatments for individuals on the autism spectrum.{{Cite web|url=https://www.autismspeaks.org/about-us/board-directors|title=Board Members|date=7 July 2012|website=Autism Speaks|access-date=14 April 2017}}{{Cite web|url=https://patch.com/new-jersey/newbrunswick/paypal-ceo-dan-schulman-named-rutgers-2018-graduation-speaker|title=PayPal CEO Dan Schulman Named As Rutgers 2018 Graduation Speaker|date=2018-04-10|website=New Brunswick, NJ Patch|language=en|access-date=2020-03-23}} Schulman is a board of directors member of the Business Roundtable{{Cite web|title=Board of Directors|url=https://www.businessroundtable.org/|access-date=2021-02-05|website=www.businessroundtable.org|language=en}} and The Economic Club of New York, and is an international advisory council member of the Singapore Economic Development Board.{{Cite web|last=|first=|date=|title=Economic Advisory Council|url=https://www.edb.gov.sg/en/about-edb/our-team/international-advisory-council.html|access-date=2021-02-05|website=www.edb.gov.sg}} He is a life member of the Council on Foreign Relations.{{Cite web|title=Council on Foreign Relations|url=https://www.cfr.org/membership/roster|access-date=2021-02-05|website=Council on Foreign Relations|language=en}}
Personal life
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.
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".{{Cite news|url=https://www.nytimes.com/2018/07/27/business/dan-schulman-paypal-corner-office.html|title=Dan Schulman of PayPal on Guns, Cash and Getting Punched|last=Gelles|first=David|date=27 July 2018|work=The New York Times|access-date=17 December 2018|language=en-US|issn=0362-4331}}
He has been a resident of Warren Township, New Jersey, US.[https://web.archive.org/web/20100107023757/http://news.rutgers.edu/medrel/news-releases/2009/06/daniel-h-schulman-vi-20090615 "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." "As of 2023, Schumann is a resident of San Jose, California,{{Cite web | title=Profile Not Found | url=https://www.linkedin.com/in/dan-schulman/ | archive-url=https://web.archive.org/web/20091027024516/http://www.linkedin.com:80/in/Dan-Schulman | archive-date=2009-10-27}} and early in 2023 announced his intended retirement as CEO of PayPal by the end of December.{{cite web | url=https://newsroom.paypal-corp.com/2023-02-09-President-and-CEO-Dan-Schulman-Announces-Intention-to-Retire-from-PayPal-at-Year-End | title=President and CEO Dan Schulman Announces Intention to Retire from PayPal at Year-End }}
=Politics=
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.{{cite web |last=Wolff-Mann |first=Ethan |date=April 5, 2016 |title=PayPal Kills Major Expansion in North Carolina Due to Anti-LGTBQ Law |url=https://money.com/paypal-north-carolina-expansion-lgtbq/ |url-status=live |archive-url=https://web.archive.org/web/20210120164227/https://money.com/paypal-north-carolina-expansion-lgtbq/ |archive-date=January 20, 2021 |website=Money.com |accessdate=26 October 2017}} 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." Schulman also cosigned an opposition letter with about 120 executives from major corporations.{{cite news|url=https://www.wsj.com/articles/paypal-cancels-plans-for-operations-center-400-jobs-over-north-carolinas-transgender-law-1459872277|title=PayPal Cancels Plan for Facility in North Carolina, Citing Transgender Law|first1=Jon|last1=Kamp|first2=Valerie|last2=Bauerlein|newspaper=Wall Street Journal |date=5 April 2016|accessdate=26 October 2017|via=www.wsj.com}} 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.{{cite web|url=http://fortune.com/2016/04/05/paypal-withdraws-plans-in-north-carolina/|title=PayPal Withdraws Plans For Operations Center in North Carolina|website=fortune.com|accessdate=26 October 2017}}
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."
In 2018, to support Dreamers – people who entered the U.S. as children and currently live, work, and contribute to the United States – Dan signed his name to a letter calling on U.S. Congress to take swift action on the Deferred Action for Childhood Arrivals (DACA) program.{{cite web |title=Dan Schulman joins fellow CEOs in signing letter on DACA action |url=https://publicpolicy.paypal-corp.com/news/dan-schulman-joins-fellow-ceos-signing-letter-daca-action |website=PayPal Government Relations |access-date=28 June 2021 |language=en}} In 2020, he opposed President Trump's visa ban to limit foreign workers in the U.S.{{cite web |title=Factbox: Apple, Google, Amazon take aim at Trump visa ban |url=https://www.reuters.com/article/us-usa-immigration-workers-factbox-idUSKBN23U1VO |website=Reuters |access-date=28 June 2021 |language=en |date=2020-06-23}}
Awards
Schulman was named by Business Week as one of the top 20 people to watch in media,{{cite web|url=https://www.bloomberg.com/markets/stocks|title=Stocks|website=Bloomberg.com|accessdate=26 October 2017}} and was named the Ernst & Young 2009 Entrepreneur of the Year.{{Cite web |url=http://virginmobileusa.marketwire.com/easyir/customrel.do?easyirid=13135DE328B72AB2&version=live&prid=514549&releasejsp=custom_124 |title=Ernst & Young Entrepreneur Of The Year, 2009 |access-date=3 November 2009 |archive-url=https://web.archive.org/web/20091101093704/http://virginmobileusa.marketwire.com/easyir/customrel.do?easyirid=13135DE328B72AB2&version=live&prid=514549&releasejsp=custom_124 |archive-date=1 November 2009 |url-status=dead }} In 2009 he was named one of the top 25 most powerful people in the global wireless industry.{{cite web|url=http://www.fiercewireless.com/special-reports/22-dan-schulman-ceo-virgin-mobile-usa-25-most-powerful-people-wireless|title=22. Dan Schulman, CEO of Virgin Mobile USA – FierceWireless|website=www.fiercewireless.com|accessdate=26 October 2017}} 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.{{cite web|url=http://councilforeconed.org/events/visionary-awards/|title=Visionary Awards: Celebrate with CEE the leaders of Economic Education|website=councilforeconed.org|accessdate=26 October 2017}}
Fortune included him in the top ten in its 2017 Businessperson of the Year list, its 2018 list,{{cite web|url=http://fortune.com/businessperson-of-the-year/2017/|title=Businessperson of the Year|date=16 November 2017|website=fortune.com|accessdate=26 December 2018}} and its 2019 list.{{cite web |title=Daniel Schulman |url=https://fortune.com/businessperson-of-the-year/2019/daniel-schulman/ |website=Fortune |language=en}} 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.{{cite web|url=https://www.mycentraljersey.com/story/news/education/college/rutgers/2018/04/10/dan-schulman-paypal-president-and-ceo-named-rutgers-universitys-252nd-anniversary-commencement-speak/502739002/|title=PayPal President/CEO Dan Schulman to be Rutgers commencement speaker|website=My Central Jersey|accessdate=26 December 2018}} Schulman was named to Fortune's 2021 list of the World's 50 Greatest Leaders, which recognizes those who in unprecedented times "stepped up to make the world better, and inspired others to do the same." Schulman debuted in 2021, ranking #3 and the highest-ranked business leader.{{cite web |title=Dan Schulman |url=https://fortune.com/worlds-greatest-leaders/2021/dan-schulman/ |website=Fortune |access-date=28 June 2021 |language=en}}
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.{{cite web|url=https://cfsinnovation.org/press-release-dan-schulman-awarded-the-financial-health-visionary-award/|title=Press Release: Dan Schulman awarded the Financial Health Visionary Award|website=cfsinnovation.org|accessdate=26 December 2018|archive-date=25 December 2018|archive-url=https://web.archive.org/web/20181225175231/https://cfsinnovation.org/press-release-dan-schulman-awarded-the-financial-health-visionary-award/|url-status=dead}}
In 2018, Rutgers University awarded him an honorary doctorate, and he delivered the university's 252nd anniversary commencement speech.{{Cite web|url=https://news.rutgers.edu/news/dan-schulman-paypal-president-and-ceo-named-rutgers-university%E2%80%99s-252nd-anniversary-commencement/20180409|title=Dan Schulman, PayPal President and CEO, Named Rutgers University's 252nd Anniversary Commencement Speaker|date=9 April 2018|website=Rutgers Today|language=en|access-date=17 December 2018}}
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.{{cite web |title=2019 Endeavor Gala Honoring Dan Schulman Convenes Worldwide Network in New York City to Celebrate High-Impact Entrepreneurship |url=https://endeavor.org/blog/events/2019-endeavor-gala-honoring-dan-schulman-convenes-worldwide-network-new-york-city-celebrate-high-impact-entrepreneurship/ |website=Endeavor |access-date=14 February 2021 |date=26 November 2019}} He was also named one of Glassdoor's Top 50 CEOs in 2019.{{cite web |title=Top CEOs |url=https://www.glassdoor.com/Award/Top-CEOs-LST_KQ0,8.htm |website=Glassdoor |access-date=14 February 2021 |language=en}}
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.{{cite web | title=Dr. Fauci and Colin Kaepernick to receive award for "commitment to social change" | website=CBS News | date=2020-07-30 | url=https://www.cbsnews.com/news/dr-fauci-colin-kaepernick-robert-f-kennedy-human-rights-award/ | access-date=2020-12-11}}{{cite news |title=Arnold Kassanoff 1932 – 2012 |url=https://obits.dallasnews.com/obituaries/dallasmorningnews/obituary.aspx?n=arnold-kassanoff&pid=156204031&fhid=11533 |accessdate=4 September 2019 |work=Dallas Morning News |date=1 March 2012}}
Under his leadership, PayPal was named to Time{{'s}} inaugural 100 Most Influential Companies, an honor that recognizes companies making an extraordinary impact around the world.{{cite magazine |title=Introducing the Time100 Most Influential Companies of 2021 |url=https://time.com/collection/time100-companies/ |magazine=Time |access-date=28 June 2021 |language=en}}
Schulman was awarded the New York Urban League's 2021 Frederick Douglass Award for his commitment, dedication, and influence to advance the rights of generations of underserved Black Americans.{{cite web |title=Frederick Douglass Centennial Gala |url=https://www.nyul.org/event-info/frederick-douglass-centennial-gala |website=NY Urban League |access-date=28 June 2021 |language=en}}
In December 2021, Schulman was presented the "Voices of Solidarity" award by Vital Voices for his work advocating on behalf of women and girls around the world.{{cite news |last1=Bruchac |first1=Joseph |title=PayPal CEO Dan Schulman '80 to give Middlebury Commencement address May 29 |url=https://vermontbiz.com/news/2022/may/10/paypal-ceo-dan-schulman-80-give-middlebury-commencement-address-may-29 |access-date=19 August 2022 |work=Vermont Business Magazine |date=May 10, 2022}}{{cite web |title=Vital Voices |url=https://voicesofsolidarity2021.splashthat.com/ |access-date=19 August 2022}}
He delivered the 2022 Middlebury College commencement address, and received an honorary doctorate at the same,{{cite web |title=PayPal CEO Dan Schulman '80 to Give Middlebury College 2022 Commencement Address |url=https://www.middlebury.edu/announcements/announcements/2022/05/paypal-ceo-dan-schulman-80-give-middlebury-college-2022-commencement-address |website=Middlebury College |date=10 May 2022 |access-date=19 August 2022}} and was awarded the 2022 Excellence in Economic Empowerment Award by 100 Black Men of New York.{{cite web |title=One Hundred Black Men of New York celebrates 42nd annual gala featuring high-profile leaders across business, politics, and entertainment |url=https://www.amny.com/news/one-hundred-black-men-of-new-york-celebrates-42nd-annual-gala/ |website=www.amny.com |access-date=19 August 2022 |date=30 March 2022}}{{cite web |title=Day Of The One Hundred - A Day of Service |url=https://dayoftheonehundred.org/ |website=Day Of The One Hundred |publisher=One Hundred Black Men of New York, Inc. |access-date=19 August 2022}}
References
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Category:20th-century American Jews
Category:American chief executives
Category:Middlebury College alumni
Category:New York University Stern School of Business alumni
Category:People from Warren Township, New Jersey
Category:People associated with cryptocurrency
Category:Businesspeople from Newark, New Jersey
Category:Businesspeople from Princeton, New Jersey