PayPal stated on Tuesday it’s hiring HP’s Enrique Lores as its CEO and President, changing present chief govt, Alex Chriss. Lores, who has been the chair of PayPal’s board since July 2024, may also take up the position of president.
PayPal said the appointment was made as a result of firm’s tempo of change and execution was “not in step with the Board’s expectations” given broader market traits.
Chriss joined PayPal in September 2023 from Ituit, succeeding Dan Schulman. PayPal’s CFO and COO, Jamie Miller, will take over as interim CEO till Lores joins the corporate.
The appointment comes as PayPal on Tuesday reported lower-than-expected income and revenue within the fourth quarter, as client spending dipped amid a broader value of residing disaster and a softening labor market. The corporate additionally forecast a dip in its full-year revenue, which shocked traders, as Wall Road had broadly anticipated the corporate to forecast development as an alternative.
PayPal’s shares had been down about 17.9% in premarket buying and selling on Tuesday.
Lores, who served as President and CEO of HP for over six years, stated that other than product innovation, PayPal will maintain itself accountable for delivering quarterly accounts.
“The funds trade is altering quicker than ever, pushed by new applied sciences, evolving rules, an more and more aggressive panorama, and the fast acceleration of AI that’s reshaping commerce each day. PayPal sits on the middle of this variation, and I stay up for main the group to speed up the supply of latest improvements and to form the way forward for digital funds and commerce,” Lores stated in a press release.
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June 23, 2026
