"PayPal said on Tuesday it is hiring HP's Enrique Lores as its CEO and President, replacing current chief executive, Alex Chriss. Lores, who has been the chair of PayPal's board since July 2024, will also take up the role of president. PayPal said the appointment was made because company's pace of change and execution was "not in line with the Board's expectations" given broader market trends."
""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," Lores said in a statement."
"The appointment comes as PayPal on Tuesday reported lower-than-expected revenue and profit in the fourth quarter, as consumer spending dipped amid a broader cost of living crisis and a softening labor market. The company also forecast a dip in its full-year profit, which surprised investors, as Wall Street had broadly expected the company to forecast growth instead. PayPal's shares were down about 17.9% in premarket trading on Tuesday."
Enrique Lores has been hired as PayPal CEO and President, replacing Alex Chriss. Lores has served as chair of PayPal's board since July 2024 and will also take on the role of president. The board cited the company's pace of change and execution as not aligning with its expectations given broader market trends. Jamie Miller, PayPal's CFO and COO, will serve as interim CEO until Lores joins. PayPal reported lower-than-expected fourth-quarter revenue and profit, forecasted a dip in full-year profit that surprised investors, and saw shares fall about 17.9% premarket. Lores emphasized product innovation and accountability for quarterly results amid rapid industry change driven by technology, regulation and AI.
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