PayPal has appointed Enrique Lores, the former CEO of HP, as its Chief Executive and President, effective 1 March 2026.
Jamie Miller, the company’s chief financial and operating officer, will fill in as interim CEO until Lores takes over.
The appointment comes on a tough day for the company as it reported fourth-quarter revenue and profits below Wall Street expectations, and consumers cut back on spending.
PayPal also warned that full-year profits would fall, surprising investors who had expected growth. Shares tumbled nearly 18% in pre-market trading.
Lores has served as chair of PayPal’s board since July 2024. He brings more than 30 years of experience leading technology companies and guiding large-scale transformations.
At HP, he expanded the business beyond PCs and printers into services, subscriptions and AI-enabled workplace solutions, and oversaw the separation of HP and HPE to simplify costs and drive innovation.
In a statement, Lores said:
“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 centre 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.”
David W. Dorman, PayPal’s new Independent board chair, said Enrique is widely recognised as a visionary leader who prioritises customer-centric innovation with demonstrable impact.
He added that
“His strong track record leading complex transformations and disciplined execution on a global basis will ensure PayPal maintains its leadership of the dynamic payments industry now and into the future.”
Alex Chriss, who joined PayPal in September 2023 from Intuit, spoke on his tenure:
“I am proud to have had the opportunity to lead such a great company and work with such a talented team.
“Now is the right time to make a transition to a seasoned leader who can take the company through its next phase of transformation. I have enjoyed a great working relationship with Enrique, and I am certain he is the right person to meet that challenge.”
PayPal’s board said the company’s sustainability relies on its global scale, strong consumer and merchant networks, and operational discipline.
Analysts note that Enrique Lores faces the challenge of restoring growth and improving execution, while maintaining the position of PayPal in the fiercely competitive payments market.
