A senior executive of tax-preparation software provider Intuit, Alex Chriss will succeed PayPal Holdings’ longest-serving CEO Dan Schulman on September 27.

The shift in leadership is a turning point for the leader in digital payments, PayPal, which last week launched a U.S. dollar stablecoin in an effort to expand its presence in the cryptocurrency payments market.

Chriss will assume control of PayPal at a time when cost-cutting has taken precedence as the company battens down the hatches in anticipation of a potential downturn.

Schulman had stated during a post-earnings call that the corporation was in the process of choosing his replacement.

After PayPal separated from e-commerce giant eBay in 2015, Schulman was hired to lead the company as a stand-alone entity.

Under his leadership, PayPal was the first significant financial technology company to accept digital currencies for transfers and payments.