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Eden G. Egziabher
Founder, Makina Cafe
2024 Notice of Annual
Meeting of Stockholders
and Proxy Statement
2023 Annual Report
Eden G.
Egziabher
Makina Cafe founder Eden Egziabher was raised amidst
Makina Cafe
Long Island City, NY
creating a mosaic of    avors found on her menu. Eden relies
a vibrant mix of Ethiopian, Eritrean, and Italian cultures,
on PayPal Zettle to allow New Yorkers to quickly and easily
pay for their meals, and she loves the seamless experience
of using PayPal to pay her vendors.
Message from Our President and CEO
Dear Stockholders, Colleagues, Customers and Partners:
Over the last two and a half decades, PayPal has been at the forefront of e-commerce innovation. In that time, our belief in
the importance of embracing change has allowed us to evolve into who we are today     a global leader in commerce with
a two-sided network at scale and steadfast commitment to serving our customers.
When I stepped into the role of PayPal   s President and CEO last September, I knew that to unlock our full potential and drive
durable, profitable growth we needed to be more focused and deliberate in every aspect of our business. Since then, I   ve
spent time with PayPal   s employees, customers, partners, and stockholders to learn about our greatest strengths, where we
need to move faster, what we need to change, and how to instill a culture of innovation that returns PayPal to a position of
strength.
I   m pleased with what we   ve been able to accomplish in such a short period of time to reposition PayPal for profitable
growth. We   ve put in place a world-class leadership team and organized the business around the customers we serve    
consumers, small businesses, and enterprises. We   ve narrowed our focus to the products and services that will have the
greatest impact for our customers. And we   ve updated our mission to reflect the evolution of our purpose: revolutionizing
commerce globally.
We   re embracing our roots to reshape commerce for the consumers and merchants around the world who rely on PayPal
each day     making it faster and simpler for people to connect with each other and make their money go further. Our entire
organization is focused on durable growth priorities that will help solve our customers    most pressing needs and delight
them in new ways. We aim to deliver a best-in-class personalized commerce experience, and drive engagement by
creating a richer value proposition that makes PayPal the obvious choice for both consumers and businesses.
All the investments and improvements we will make this year are guided by a set of new operating principles that we
believe will help us drive value creation over time. The principles we will follow are: start with the customer; focus on
profitable growth; drive operating leverage over time; set measurable goals and communicate consistently; and maintain a
strong balance sheet.
We   re committed to increasing transparency and accountability, and investing in areas of our business that will drive
profitable growth and margin expansion in the years ahead. However, it will take time for these new initiatives and operating
model to produce results. 2024 is a transition year focused on execution and moving with velocity to put the organization
on a path for long-term success. I know that we   re on the right strategic path that will allow this company to fully embrace
the future that awaits us.
I am grateful to our employees who have shown incredible resolve in solving our customers    greatest challenges and who
are working tirelessly to transform PayPal. To our stockholders, customers, and partners, thank you for your continued
support and belief in what we can achieve together.
Thank you.
Alex Chriss
President and CEO
April 9, 2024
[THIS PAGE INTENTIONALLY LEFT BLANK]
Message from Our Independent Board Chair
Dear PayPal Stockholders:
2023 was a pivotal year for PayPal as we welcomed Alex Chriss to our Company and to our Board. While steering the
successful CEO search and transition, the Board worked closely with management to navigate a complex macroeconomic
environment and deliver solid financial and operational results. Looking ahead, we are inspired by the energy and vision
that the new leadership team brings to their roles, and we believe PayPal is well-positioned for future profitable growth.
Executive Leadership Transitions
One of the Board   s key priorities in 2023 was to identify a next-generation leader capable of driving growth across the
PayPal platform for years to come. After a rigorous search process, we were thrilled to find in Alex a seasoned executive
steeped in technology and product leadership experience with an impressive and proven track record of growing
businesses.
We are also pleased to have appointed new executives to lead our Finance and People functions, as well as our Global
Markets, Small Business & Financial Services and Consumer business units. Their collective expertise, honed through
leadership roles at preeminent companies, will be crucial to our path forward. In overseeing these executive transitions, the
Board has redoubled our commitment to building relationships with new leaders and ensuring that each of our leaders is
cultivating robust talent development processes and succession plans. With this strong leadership team now in place,
PayPal is ready to embark on our next chapter of growth and expansion.
Board Composition & Oversight
Collectively, our Board   s balanced and diverse mix of skill sets, experiences and perspectives enables proper oversight of
our business as we continue to evolve and grow in a rapidly shifting competitive environment. In particular, the Board   s
thoughtful approach to risk oversight supports our enterprise-wide global risk and compliance program to safeguard our
customers and our platform, which is of the utmost importance. Our Board is committed to continuous improvement, and
the annual Board and committee self-evaluations play a critical role in ensuring the continued effectiveness of our Board
and each committee.
Stakeholder Engagement
Robust, ongoing engagement with our stockholders, customers, employees, regulators and other stakeholders is crucial to
informing the Board   s decision-making process. Since our 2023 Annual Meeting, we   ve contacted investors representing
approximately 50% of our common stock and have engaged with investors holding approximately 19% of our common
stock. As part of these efforts, independent directors met with investors representing approximately 12% of our common
stock. These discussions covered a variety of subjects, including board composition and oversight, executive
compensation and corporate sustainability and impact topics. Stockholders    feedback provides the Board and
management with invaluable perspectives, and we look forward to continuing this important dialogue with our
stakeholders.
On behalf of our Board, thank you for your investment in PayPal. I look forward to discussing these developments further
with you at the 2024 Annual Meeting on May 22, which will be held via live webcast at
www.virtualshareholdermeeting.com/PYPL2024.
Sincerely yours,
John J. Donahoe
Independent Board Chair
April 9, 2024
 • shareholder letter icon 4/9/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/13/2023 PYPL Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon PYPL Benford's Law Stock Score = 98


PYPL Shareholder/Stockholder Letter Transcript:

Eden G. Egziabher
Founder, Makina Cafe
2024 Notice of Annual
Meeting of Stockholders
and Proxy Statement
2023 Annual Report

Eden G.
Egziabher
Makina Cafe founder Eden Egziabher was raised amidst
Makina Cafe
Long Island City, NY
creating a mosaic of    avors found on her menu. Eden relies
a vibrant mix of Ethiopian, Eritrean, and Italian cultures,
on PayPal Zettle to allow New Yorkers to quickly and easily
pay for their meals, and she loves the seamless experience
of using PayPal to pay her vendors.

Message from Our President and CEO
Dear Stockholders, Colleagues, Customers and Partners:
Over the last two and a half decades, PayPal has been at the forefront of e-commerce innovation. In that time, our belief in
the importance of embracing change has allowed us to evolve into who we are today     a global leader in commerce with
a two-sided network at scale and steadfast commitment to serving our customers.
When I stepped into the role of PayPal   s President and CEO last September, I knew that to unlock our full potential and drive
durable, profitable growth we needed to be more focused and deliberate in every aspect of our business. Since then, I   ve
spent time with PayPal   s employees, customers, partners, and stockholders to learn about our greatest strengths, where we
need to move faster, what we need to change, and how to instill a culture of innovation that returns PayPal to a position of
strength.
I   m pleased with what we   ve been able to accomplish in such a short period of time to reposition PayPal for profitable
growth. We   ve put in place a world-class leadership team and organized the business around the customers we serve    
consumers, small businesses, and enterprises. We   ve narrowed our focus to the products and services that will have the
greatest impact for our customers. And we   ve updated our mission to reflect the evolution of our purpose: revolutionizing
commerce globally.
We   re embracing our roots to reshape commerce for the consumers and merchants around the world who rely on PayPal
each day     making it faster and simpler for people to connect with each other and make their money go further. Our entire
organization is focused on durable growth priorities that will help solve our customers    most pressing needs and delight
them in new ways. We aim to deliver a best-in-class personalized commerce experience, and drive engagement by
creating a richer value proposition that makes PayPal the obvious choice for both consumers and businesses.
All the investments and improvements we will make this year are guided by a set of new operating principles that we
believe will help us drive value creation over time. The principles we will follow are: start with the customer; focus on
profitable growth; drive operating leverage over time; set measurable goals and communicate consistently; and maintain a
strong balance sheet.
We   re committed to increasing transparency and accountability, and investing in areas of our business that will drive
profitable growth and margin expansion in the years ahead. However, it will take time for these new initiatives and operating
model to produce results. 2024 is a transition year focused on execution and moving with velocity to put the organization
on a path for long-term success. I know that we   re on the right strategic path that will allow this company to fully embrace
the future that awaits us.
I am grateful to our employees who have shown incredible resolve in solving our customers    greatest challenges and who
are working tirelessly to transform PayPal. To our stockholders, customers, and partners, thank you for your continued
support and belief in what we can achieve together.
Thank you.
Alex Chriss
President and CEO
April 9, 2024

[THIS PAGE INTENTIONALLY LEFT BLANK]

Message from Our Independent Board Chair
Dear PayPal Stockholders:
2023 was a pivotal year for PayPal as we welcomed Alex Chriss to our Company and to our Board. While steering the
successful CEO search and transition, the Board worked closely with management to navigate a complex macroeconomic
environment and deliver solid financial and operational results. Looking ahead, we are inspired by the energy and vision
that the new leadership team brings to their roles, and we believe PayPal is well-positioned for future profitable growth.
Executive Leadership Transitions
One of the Board   s key priorities in 2023 was to identify a next-generation leader capable of driving growth across the
PayPal platform for years to come. After a rigorous search process, we were thrilled to find in Alex a seasoned executive
steeped in technology and product leadership experience with an impressive and proven track record of growing
businesses.
We are also pleased to have appointed new executives to lead our Finance and People functions, as well as our Global
Markets, Small Business & Financial Services and Consumer business units. Their collective expertise, honed through
leadership roles at preeminent companies, will be crucial to our path forward. In overseeing these executive transitions, the
Board has redoubled our commitment to building relationships with new leaders and ensuring that each of our leaders is
cultivating robust talent development processes and succession plans. With this strong leadership team now in place,
PayPal is ready to embark on our next chapter of growth and expansion.
Board Composition & Oversight
Collectively, our Board   s balanced and diverse mix of skill sets, experiences and perspectives enables proper oversight of
our business as we continue to evolve and grow in a rapidly shifting competitive environment. In particular, the Board   s
thoughtful approach to risk oversight supports our enterprise-wide global risk and compliance program to safeguard our
customers and our platform, which is of the utmost importance. Our Board is committed to continuous improvement, and
the annual Board and committee self-evaluations play a critical role in ensuring the continued effectiveness of our Board
and each committee.
Stakeholder Engagement
Robust, ongoing engagement with our stockholders, customers, employees, regulators and other stakeholders is crucial to
informing the Board   s decision-making process. Since our 2023 Annual Meeting, we   ve contacted investors representing
approximately 50% of our common stock and have engaged with investors holding approximately 19% of our common
stock. As part of these efforts, independent directors met with investors representing approximately 12% of our common
stock. These discussions covered a variety of subjects, including board composition and oversight, executive
compensation and corporate sustainability and impact topics. Stockholders    feedback provides the Board and
management with invaluable perspectives, and we look forward to continuing this important dialogue with our
stakeholders.
On behalf of our Board, thank you for your investment in PayPal. I look forward to discussing these developments further
with you at the 2024 Annual Meeting on May 22, which will be held via live webcast at
www.virtualshareholdermeeting.com/PYPL2024.
Sincerely yours,
John J. Donahoe
Independent Board Chair
April 9, 2024



shareholder letter icon 4/9/2024 Letter Continued (Full PDF)
 

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