PayPal announced on Tuesday that it is appointing Enrique Lores as its new Chief Executive Officer and President, replacing the current CEO, Alex Chriss. Lores, who has served as the chair of PayPal’s board since July 2024, will assume both roles. The company stated the appointment was necessary because the pace of change and execution at PayPal was not in line with the Board’s expectations, given broader market trends.
Alex Chriss had joined PayPal in September 2023 from Intuit, succeeding Dan Schulman. During this transition, PayPal’s Chief Financial Officer and Chief Operating Officer, Jamie Miller, will serve as interim CEO until Lores officially joins the company.
This leadership change coincides with PayPal reporting lower-than-expected revenue and profit for the fourth quarter. The company cited a dip in consumer spending amid a broader cost of living crisis and a softening labor market. PayPal also forecast a decline in its full-year profit, surprising investors as Wall Street had broadly anticipated a growth forecast instead. Following this news, PayPal’s shares fell approximately 17.9% in premarket trading on Tuesday.
Enrique Lores previously served as President and CEO of HP for over six years. In a statement, he emphasized that beyond product innovation, PayPal will hold itself accountable for delivering strong quarterly results. He noted that the payments industry is changing faster than ever, driven by new technologies, evolving regulations, increasing competition, and the rapid acceleration of AI, which is reshaping commerce daily. Lores expressed his commitment to leading the team to accelerate new innovations and shape the future of digital payments and commerce.