SAN JOSE, Calif. — PayPal Holdings Inc. announced a major leadership transition Tuesday, naming Enrique Lores as its new president and chief executive officer, effective March 1, 2026.
Lores, the former chief executive officer of HP Inc. and current chair of PayPal’s board, will succeed Alex Chriss, who has led the digital-payments giant since 2023. Until Lores takes over, Jamie Miller, PayPal’s chief financial and operating officer, will serve as interim CEO. David W. Dorman was also appointed independent board chair as part of the shake-up.
The leadership change comes amid mounting investor dissatisfaction following disappointing fourth-quarter results and a weaker outlook for 2026. PayPal reported revenue and earnings that fell short of Street forecasts, and both branded checkout growth and profitability expectations lagged behind analysts’ projections. In response, shares slumped sharply, trading near their lowest levels in nearly a decade, Reuters noted.
PayPal’s board said in a statement that, while progress has been made on strategic initiatives including Venmo and buy-now-pay-later services, the pace of change and execution did not meet expectations, prompting the leadership shift. Lores, who brings more than three decades of global technology and operational experience to the role, was described by directors as well-positioned to accelerate execution and shape PayPal’s next phase of growth amid intensifying competition from rival digital wallets and payment platforms.
Industry observers noted that the move underscores broader challenges for PayPal as it navigates slowing growth in core payments products and rising competitive pressures. Analysts have suggested that the company may need to rethink strategic priorities — including potential structural changes or focus shifts — to regain momentum, especially as digital payments markets evolve rapidly with new entrants and technologies.