Marram Exits PayPal Stake After Board Abruptly Replaces CEO

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Summary · why it matters

Marram Investment Management exited its position in PayPal Holdings at a slight loss during the second quarter of 2026 after its investment thesis broke when the company's Board abruptly fired the CEO and appointed a successor, a former HP executive with no payments, technology, or product experience. The firm disclosed the move in its second-quarter 2026 investor letter, which reported a portfolio return of +2.7% net of fees for the quarter and +3.2% year-to-date, with a cumulative return of +632.4% and a +13.7% annualized return since inception. Marram said its original thesis rested on a capable management team investing to rebuild PayPal's technology, product, and brand, and that it acted when the facts changed. PayPal closed at $52.62 per share on September 21, 2026, down 15.50% over the past month and 21.82% over the past year, with a market capitalization of $45.01 billion and a 52-week range of $38.46 to $79.22. The number of hedge fund portfolios holding PayPal fell to 60 at the end of the second quarter from 76 in the previous quarter.

Impact on assets 2

Digital Finance & Tokenization▼ · 1 stocks
PayPal Holdings Inc
PYPL
▼ NegativeCapitalrelevance

Board abruptly fired the CEO and named a successor with no payments, technology, or product experience, breaking Marram's thesis and prompting its exit.

Information Technology▲ · 1 stocks

Off-coverage companies 1

Marram Investment ManagementPrivate± Mixed
relevance

Marram is the author of the letter disclosing its PayPal exit; the news is about its portfolio action, not a driver of its own business.

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