PayPal is changing CEO Alex Chriss with Enrique Lores, saying that the tempo of change and execution on the firm has not met board expectations over the previous two years.
Lores has served as a PayPal board member for nearly 5 years and has been board chair since July 2024. He’s additionally spent greater than six years as president and CEO of HP Inc.
“The funds business is altering sooner than ever, pushed by new applied sciences, evolving rules, an more and more aggressive panorama, and the speedy acceleration of AI that’s reshaping commerce every day,” Lores stated in an announcement on Tuesday. “PayPal sits on the heart of this transformation, and I look ahead to main the group to speed up the supply of latest improvements and to form the way forward for digital funds and commerce.”
PayPal’s board thanked Chriss for his contributions, together with the position he performed to monetize Venmo and develop the “Purchase Now, Pay Later” enterprise.
Lores will take over as PayPal CEO on March 1. David Dorman will function unbiased chair, efficient instantly.
PayPal’s chief monetary and working officer, Jamie Miller, will function interim CEO till Lores assumes the place.
PayPal additionally reported its fourth-quarter outcomes on Tuesday. The expertise platform and digital funds firm posted an adjusted revenue of $1.23 per share on income of $8.68 billion. The efficiency missed the expectations of analysts polled by Zacks Funding Analysis, who had been in search of a revenue of $1.29 per share on income of $8.77 billion.
The San Jose, California-based firm additionally forecast decrease revenue for the primary quarter.
Shares slid 16% earlier than the market open.
—By Michelle Chapman, AP enterprise author
