PayPal Replaces CEO Alex Chriss With HP’s Enrique Lores

On Tuesday, digital payments giant PayPal appointed HP chief Enrique Lores as its new president and CEO, replacing Alex Chriss in a sudden leadership shakeup triggered by the board’s dissatisfaction with the company’s slow operational execution.

Why PayPal Demanded an Immediate Leadership Change

In an official announcement, PayPal said the transition was driven by the fact that the company’s pace of change and execution failed to align with the board’s expectations amid shifting market dynamics. Lores, who has chaired PayPal’s board since July 2024, will now take on the dual role of president and CEO.

Chriss originally joined PayPal in September 2023 from Intuit, succeeding long-time leader Dan Schulman. To ensure a smooth transition, PayPal’s CFO and COO, Jamie Miller, will step in as interim CEO until Lores officially assumes his executive duties.

Disappointing Earnings and Stock Drop Fuel Investor Anxiety

The executive transition coincides with PayPal’s weak fourth-quarter financial results released on Tuesday. The company reported lower-than-expected revenue and profit, pointing to a decline in consumer spending fueled by a persistent cost-of-living crisis and a softening job market.

Further alarming investors, PayPal projected a decline in its full-year profit. This forecast caught Wall Street off guard, as analysts had broadly expected the company to project growth. Following the announcement, PayPal’s stock tumbled roughly 17.9% in premarket trading.

Lores Focuses on Execution and AI-Driven Innovation

Lores, who previously served as the president and CEO of tech giant HP for over six years, stated that PayPal will hold itself strictly accountable for delivering quarterly results while prioritizing aggressive product innovation.

According to Lores, the payments industry is transforming faster than ever due to emerging technologies, evolving regulatory environments, heightened competition, and the acceleration of AI in digital commerce. He expressed his commitment to leading the PayPal team to deliver new innovations and actively shape the future of digital transactions.