PayPal surprised investors on Tuesday by announcing a change in leadership during its fourth-quarter earnings call.
The company said it has appointed Enrique Lores as its new president and chief executive officer, replacing Alex Chriss, as the board pushes for faster execution in an increasingly competitive payments market.
According to a statement released Tuesday, Lores will assume the role on March 1. He has been a member of PayPal’s board for nearly five years and has served as board chair since July 2024. PayPal’s Chief Financial and Operating Officer, Jamie Miller, will act as interim CEO until Lores officially takes over.
The board also named David W. Dorman as independent board chair, with immediate effect.
PayPal said the decision followed a board review which acknowledged “some progress” but concluded that the pace of change and execution “was not in line with the board’s expectations.”
Lores currently serves as president and CEO of HP, where he led the company’s expansion beyond personal computers and printing into services, subscriptions and artificial intelligence-enabled offerings. He also played a key role in the separation of Hewlett Packard Enterprise and HP, focusing on operating discipline and cost management.
The company thanked Chriss for his contributions, including efforts to monetise Venmo and expand buy now, pay later services.
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“Now is the right time to make a transition to a seasoned leader who can take the company through its next phase of transformation,” Chriss said in the release.
The leadership change comes as PayPal continues to pursue new growth areas and partnerships. In January, the company launched its Transaction Graph Insights & Measurement programme to help brands measure campaigns using verified purchase data.
PayPal also plans to acquire Cymbio to expand agentic commerce tools that make merchant catalogues discoverable on artificial intelligence platforms. Last month, it extended its partnership with Deutsche Bank to scale merchant settlement and payout services across regions.
In September, PayPal sold about $7 billion in buy now, pay later loans to Blue Owl Capital as part of efforts to remain balance-sheet light.