PayPal said Tuesday it is hiring HP’s Enrique Lores as CEO and president, replacing current CEO Alex Chriss. Lores, who has served as chairman of PayPal’s board of directors since July 2024, will also assume the role of president.
PayPal said the appointments were made because the company’s pace of change and execution was “not in line with the board’s expectations” given broader market trends.
Chriss joined PayPal in September 2023 from Ituit, succeeding Dan Schulman. Jamie Miller, PayPal’s CFO and COO, will serve as interim CEO until Lores joins the company.
The appointment comes as PayPal on Tuesday reported lower-than-expected sales and profits for the fourth quarter as consumer spending fell due to a widespread cost-of-living crisis and a weak labor market. The company also forecast a decline in full-year revenue, which surprised investors. That’s because Wall Street largely expected the company to forecast growth instead.
Shares of PayPal fell about 17.9% in premarket trading Tuesday.
Lores, who served as HP’s president and CEO for more than six years, said that in addition to product innovation, PayPal will be responsible for quarterly account delivery.
“The payments industry is changing faster than ever before, driven by new technologies, evolving regulations, an increasingly competitive environment, and the rapid acceleration of AI that is reshaping commerce every day. PayPal is at the center of this change, and I look forward to leading the team to accelerate the delivery of new innovations and shape the future of digital payments and commerce,” Lorres said in a statement.
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