PayPal has hired HP’s Enrique Lores as its new CEO

PayPal said Tuesday it is hiring HP’s Enrique Lores as CEO and president, replacing current CEO Alex Chriss. Lores, who has been chairman of PayPal’s board since July 2024, will also assume the role of president.

PayPal he said The appointment was made because the company’s changes and procedures “did not meet the Board’s expectations” based on market conditions.

Chriss joined PayPal in September 2023 from Ituit, replacing Dan Schulman. PayPal’s CFO and COO, Jamie Miller, will assume the role of CEO until Lores joins the company.

The appointment comes as PayPal on Tuesday reported lower-than-expected revenue and profit for the fourth quarter, as purchasing power fell amid tougher living conditions and a softening labor market. The company also forecast a decline in its full-year profit, surprising investors, as Wall Street had expected the company to report growth instead.

PayPal shares were down about 17.9% in premarket trading on Tuesday.

Lores, who served as HP’s president and CEO for more than six years, said that aside from innovation, PayPal blames itself on quarterly accounts.

“The payments industry is changing faster than ever, driven by new technologies, changing regulations, a competitive landscape, and the rapid rise of AI that is reshaping commerce every day. PayPal is at the forefront of this transformation, and I look forward to leading the team to accelerate innovation and change the future of commerce,” reports payments and digital