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PayPal said its board has decided to replace CEO Alex Chriss with Enrique Lores, pointing to concerns about the company’s pace of change and execution over the past two years. The payments and technology platform company said Lores will begin his CEO role on March 1.
The board appointed Lores, who has served as a PayPal board member for almost five years and has been board chair since July 2024. PayPal said Lores previously spent more than six years as president and CEO of HP Inc., and it issued a statement attributed to him about the leadership transition.
In that statement on Tuesday, Lores said, “The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape, and the rapid acceleration of AI that is reshaping commerce daily.” He added, “PayPal sits at the center of this change, and I look forward to leading the team to accelerate the delivery of new innovations and to shape the future of digital payments and commerce.”
PayPal said David Dorman will serve as independent chair effective immediately. The company also named Jamie Miller as chief financial and operating officer and said she will serve as interim CEO until Lores assumes the CEO position on March 1.
PayPal said its board thanked Chriss for his contributions, including work to monetize Venmo and grow the company’s Buy Now Pay Later business. The announcement landed as the company disclosed quarterly results and a weaker outlook, which affected trading.
Alongside the leadership changes, PayPal reported fourth-quarter results on Tuesday. The company posted an adjusted profit of $1.23 per share on revenue of $8.68 billion, and it said the performance missed analysts’ expectations polled by Zacks Investment Research, which were for $1.29 per share on revenue of $8.77 billion.
PayPal also forecast lower profit for the first quarter. Shares fell 16% before the market open following the announcement.