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PayPal has announced a leadership shake-up, appointing Enrique Lores, the current President and CEO of HP, as its new Chief Executive Officer and President. Lores will succeed Alex Chriss, marking a significant transition as the payments giant looks to accelerate growth and sharpen execution amid mounting competitive and macroeconomic pressures.
Lores, who has served as Chair of PayPal’s board since July 2024, will assume the CEO and President roles upon his commencement. Until then, PayPal’s Chief Financial Officer and Chief Operating Officer, Jamie Miller, will act as interim CEO to ensure continuity.
In a statement, PayPal said the decision reflects the board’s view that the company’s pace of change and business outcomes have not met expectations, particularly in light of challenging market conditions. Chriss, who joined PayPal in September 2023 from Intuit and succeeded long-time CEO Dan Schulman, exits after a relatively short and demanding tenure.
The announcement coincided with the release of PayPal’s fourth-quarter results, which fell short of market expectations. The company reported weaker revenue and profit as consumer spending slowed amid a prolonged cost-of-living crisis and a softer labour market. PayPal also issued a cautious full-year profit outlook, catching investors off guard and triggering a sharp reaction in the market. Shares fell by about 17.9 per cent in pre-market trading on Tuesday.
Lores brings extensive leadership experience to the role, having led HP for more than six years through major shifts in the global PC and printing markets. At HP, he oversaw strategic restructuring, expanded digital services, and pushed deeper adoption of AI-driven tools to reposition the company for long-term relevance.
Commenting on his appointment, Lores said PayPal must balance innovation with consistent financial performance. “The payments industry is evolving faster than ever, driven by new technologies, changing regulations, intensifying competition, and the rapid acceleration of AI that is reshaping commerce daily,” he said. “PayPal sits at the centre of this transformation, and I look forward to leading the team to accelerate innovation and help shape the future of digital payments and commerce.”
The leadership change underscores the broader challenges facing the fintech sector. Once the undisputed leader in online payments, PayPal has faced growing competition from rivals such as Stripe, Apple Pay and other embedded finance and wallet providers. Rapid advances in AI, shifting consumer behaviour and tighter regulatory scrutiny have further raised the stakes.
During his tenure, Chriss prioritised product innovation, including the launch of Fastlane, a one-click checkout solution aimed at improving conversion and user experience. However, recent earnings results suggest that these initiatives have yet to translate into the level of growth investors expected, as global economic pressures continue to weigh on consumer spending. PayPal has also signalled interest in expanding its footprint in emerging markets, including Africa, with plans to invest up to $100 million in startups to deepen ecosystem partnerships.
With Lores’ background in navigating large-scale technology transitions, PayPal’s board is betting on his ability to accelerate execution, strengthen product relevance, and stabilise short-term financial performance. The immediate task will be restoring investor confidence while positioning the company for long-term competitiveness.
For now, Jamie Miller’s interim leadership provides stability during the handover. While markets reacted sharply to the earnings miss and leadership change, PayPal’s board appears confident that Lores’ track record will help guide the company through its next phase.
As one of the world’s largest digital payments platforms, processing billions of transactions annually for millions of users, PayPal’s success under Lores will hinge on its ability to harness AI, deliver compelling products, and return to consistent earnings growth. The coming months will reveal whether this leadership reset can mark the beginning of a renewed chapter for the fintech heavyweight.
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