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PayPal: New CEO Announced

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PayPal PYPL announced that Alex Chriss will take over as CEO on Sept. 27. He will also join the board. Chriss seems like a solid choice; he currently manages Intuit’s small-business and self-employed group, which accounts for most of that company’s revenue. We don’t expect dramatic changes after Chriss takes over. We believe it would be very difficult to veer from the company’s current focus on improving margins and returning capital to shareholders, given the involvement of activist investor Elliott Management. We will maintain our $135 fair value estimate for narrow-moat PayPal.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies.

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Brett Horn

Senior Equity Analyst
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Brett Horn, CFA, is a senior equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers insurers and credit bureaus. He also oversees the equity research team’s stewardship rating methodology.

Before joining Morningstar in 2006, Horn worked in the banking industry for about a decade, most recently as a commercial loan officer for First Bank, where he was responsible for underwriting loans and managing relationships with middle market clients. Before that, Horn worked for Mizuho Corporate Bank, where he managed loan portfolios and client relationships, primarily with Fortune 500 companies.

Horn holds a bachelor’s degree in business administration, with a concentration in finance, from the University of Wisconsin and a master’s degree in business administration from the University of Illinois. He also holds the Chartered Financial Analyst® designation. He ranked first in the business and industrial services industry in The Wall Street Journal’s annual “Best on the Street” analysts survey in 2013, the last year the survey was conducted.

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