PayPal Appoints HP's Enrique Lores as New CEO Amid Performance Concerns and Market Challenges
PayPal announced on Tuesday the appointment of Enrique Lores, former President and CEO of HP, as its new Chief Executive Officer and President. Lores will replace Alex Chriss, who assumed the role in September 2023 after transitioning from Intuit, where he succeeded Dan Schulman.
Lores, who has served as chair of PayPal's board of directors since July 2024, will take on dual responsibilities as CEO and President. The board cited that the company's pace of change and execution fell short of expectations given current market dynamics and industry trends. PayPal's CFO and COO, Jamie Miller, will serve as interim CEO during the transition period until Lores officially joins the organization.
The leadership transition coincides with PayPal's disappointing Q4 financial results, which showed lower-than-anticipated revenue and profit figures. The underperformance has been attributed to reduced consumer spending amid an ongoing cost-of-living crisis and a weakening labor market. Additionally, the company's full-year profit forecast indicated a decline, contradicting Wall Street's expectations for growth. These developments resulted in PayPal's shares dropping approximately 17.9% in premarket trading.
With over six years of executive leadership experience at HP, Lores emphasized his commitment to both product innovation and financial accountability. In his statement, he acknowledged the rapidly evolving payments landscape:
"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."
Key factors influencing the payments industry transformation include:
• Emerging payment technologies and platforms
• Evolving regulatory frameworks
• Intensifying competitive pressure
• AI-driven commerce acceleration
• Shifting consumer behavior patterns
The appointment signals PayPal's strategic pivot toward enhanced execution and innovation as it navigates a challenging macroeconomic environment and an increasingly competitive fintech ecosystem.
Source:
PayPal Official Newsroom
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