Enrique Lores Named PayPal’s New CEO, Joining from HP
PayPal has appointed Enrique Lores as its new CEO and president. Lores, who previously led HP, will succeed Alex Chriss. This decision took place amid concerns about the company’s performance and market alignment.
Leadership Changes at PayPal
Enrique Lores has been a board member of PayPal since July 2024. His experience includes over six years as the president and CEO of HP. Jamie Miller, the current CFO and COO, will serve as the interim CEO until Lores officially takes over.
Reasons for the Transition
- PayPal reported disappointing revenue and profit figures for Q4.
- Consumer spending has declined amidst rising living costs.
- The company forecasted a decrease in full-year profit, surprising analysts expecting growth.
This transition in leadership reflects the board’s concern that the company’s current pace of change did not meet their expectations, considering current market trends.
Market Performance Overview
Following the news of Lores’ appointment, PayPal’s stock fell approximately 17.9% in premarket trading. The company’s challenges were exacerbated by a softening labor market and economic uncertainty.
Lores’ Vision for PayPal
In a statement, Lores emphasized accountability and the need for innovation in the payments sector. He recognized rapid changes driven by technology and competitive forces.
“The payments industry is changing faster than ever, with new technologies and evolving regulations reshaping commerce,” Lores noted. He aims to lead PayPal through these transformations and enhance its role in digital payments.
With Enrique Lores at the helm, the company is poised to tackle its challenges and redefine its path in the payments landscape.
