PayPal is hiring 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. Loris, who has been chairman of PayPal since July 2024, will also serve as president.

PayPal said the appointment was made because the pace of change and execution at the company “was not consistent with the Board’s expectations” given broader market trends.

Chris joined PayPal in September 2023 from Ituit, succeeding Dan Schulman. Jimmy Miller, PayPal’s CFO and COO, will serve as interim CEO until Lores joins the company.

The appointment comes as PayPal on Tuesday reported lower-than-expected fourth-quarter revenue and profits, as consumer spending declined amid the broader cost of living crisis and a weak labor market. The company also forecast a drop in full-year earnings, which surprised investors, with Wall Street widely anticipating the company would expect growth instead.

PayPal shares fell about 17.9% in premarket trading on Tuesday.

Loris, who served as president and CEO of HP for more than six years, said that apart from product innovation, PayPal itself will take responsibility for providing quarterly accounts.

“The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape, and the rapid acceleration of artificial intelligence that is reshaping commerce daily. PayPal is at the heart of this change, and I look forward to leading the team to accelerate the delivery of new innovations and shape the future of digital payments and commerce,” Loris said in a statement.