On Tuesday, PayPal announced the appointment of Enrique Lores, previously the CEO of HP, as its new Chief Executive Officer and President. Lores will take over from Alex Chriss, who has been leading the company since September 2023.
Lores, who has been serving as the chair of PayPal's board since July 2024, expressed his commitment to driving innovation and accountability within the company. He emphasized the need for PayPal to adapt to the rapidly changing payments industry, characterized by technological advancements and evolving regulations.
In a statement, Lores remarked, "The payments landscape is evolving at an unprecedented pace. PayPal is at the forefront of this transformation, and I am eager to guide our team in enhancing our offerings and shaping the future of digital commerce."
As PayPal prepares for this transition, current CFO and COO Jamie Miller will serve as interim CEO until Lores officially steps into his role. This leadership change comes on the heels of PayPal reporting lower-than-expected revenue and profit for the fourth quarter, which has prompted a reevaluation of its strategic direction.
