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PayPal Appoints HP’s Enrique Lores as New CEO
PayPal has made a big change at the top. On Tuesday, the company announced it is hiring Enrique Lores from HP as its new CEO and president. He will replace Alex Chriss, who is the current chief executive. Lores has already been the chair of PayPal’s board since July 2024. He will also take on the role of president when he starts.
PayPal explained that this move comes because the company’s speed of change and results did not match what the board expected. This is especially true given the tough trends in the wider market. Chriss joined PayPal in September 2023. He came from Intuit and took over from Dan Schulman. Until Lores arrives, PayPal’s CFO and COO, Jamie Miller, will serve as interim CEO.
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This news came out the same day PayPal shared its fourth-quarter results. The company reported lower revenue and profit than experts had predicted. Consumer spending fell because of a cost-of-living crisis and a weaker job market. PayPal also gave a forecast for lower full-year profit. This surprised investors, who thought the company would predict growth. As a result, PayPal’s shares dropped about 17.9% in pre-market trading on Tuesday.
Enrique Lores brings strong experience to the job. He has been president and CEO of HP for more than six years. In a statement, Lores said PayPal must focus on product innovation. But it also needs to deliver good quarterly financial results. He added: “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. 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.”
This leadership switch highlights challenges in the fintech world. PayPal, once a leader in online payments, has faced growing competition from companies like Stripe, Apple Pay, and others. New tech like AI and faster regulations are shaking things up. Investors have been watching closely as PayPal tries to grow again after years of slower progress.
Chriss’s time at PayPal was short but eventful. He focused on new products like Fastlane, a one-click checkout tool. But results have not kept up with hopes. The recent earnings miss shows how global economic pressures, like high living costs and job worries, are hitting spending. PayPal’s profit warning for the full year adds more pressure. The company has also eyed African startups with $100 million investments to build ties.
Lores knows big tech turnarounds well. At HP, he led the company through printing and PC market shifts. He pushed digital services and AI tools. PayPal hopes he can do the same here, speed up innovation while fixing short-term finances. The board wants quicker execution to match market speed.
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For now, Jamie Miller steps in as interim leader. She has deep experience as CFO and COO. This gives PayPal stability during the switch. Investors reacted badly to the news, with shares plunging. But Lores’s track record might calm nerves over time.
PayPal remains a giant in digital payments, with millions of users worldwide. It processes billions in transactions yearly. Success under Lores will depend on smart AI use, better products, and strong earnings. The payments world is fast-moving, and PayPal aims to lead again.
This change could mark a new chapter for PayPal. As Lores takes the helm, all eyes are on how he steers the company through competition and economic hurdles.
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