PayPal Appoints Enrique Lores as New CEO and President
PayPal announced on Tuesday that it has appointed Enrique Lores as its new CEO and President, replacing current chief executive, Alex Chriss. Lores, who has been serving as the chair of PayPal’s board since July 2024, will also take on the role of president.
The decision to appoint Lores was made as PayPal felt the need for a change in leadership due to the company’s pace of change and execution not meeting the Board’s expectations in line with broader market trends.
Alex Chriss joined PayPal in September 2023 from Intuit, taking over from Dan Schulman. In the interim, PayPal’s CFO and COO, Jamie Miller, will step in as the CEO until Lores officially joins the company.
Following the announcement of Lores’ appointment, PayPal reported lower-than-expected revenue and profit in the fourth quarter, attributed to a decrease in consumer spending amidst a cost of living crisis and a softening labor market. This led the company to forecast a dip in its full-year profit, surprising investors who were expecting growth projections instead.
As a result, PayPal’s shares were down approximately 17.9% in premarket trading on Tuesday.
Enrique Lores, who previously served as President and CEO of HP for over six years, expressed his commitment to driving product innovation at PayPal while also focusing on delivering quarterly results.
Lores stated, “The payments industry is evolving rapidly with new technologies, changing regulations, intense competition, and the increasing impact of AI on commerce. PayPal is at the forefront of this evolution, and I am excited to lead the team in accelerating the delivery of new innovations and shaping the future of digital payments and commerce.”
