Enrique Lores of HP Appointed PayPal’s New CEO
PayPal has announced the appointment of Enrique Lores, previously CEO of HP, as its new CEO and president. This change comes as the company seeks to revitalize its strategic direction amid challenges in the digital payments landscape.
Leadership Transition at PayPal
Lores will replace Alex Chriss, who has served as CEO since September 2023. Chriss succeeded Dan Schulman, marking a period of significant leadership turnover at PayPal. Lores has been a member of the PayPal board since July 2024, further emphasizing his commitment to the company.
Reasons for the Change
PayPal’s board expressed concerns over the company’s pace of change, stating it fell short of expectations in light of current market trends. This leadership shift is intended to bring a renewed focus on innovation and accountability.
Preliminary Financial Results
The appointment of Lores occurs after PayPal reported lower-than-expected revenue and profits for the fourth quarter. Key challenges include a downturn in consumer spending amid ongoing economic pressures, such as the cost of living crisis and a weakening labor market.
- PayPal’s total profit for the full year is expected to decline, surprising many investors.
- Shares of PayPal dropped approximately 17.9% in premarket trading following the financial announcement.
Vision for PayPal
Lores brings over six years of experience as CEO at HP. He aims to prioritize product innovation and uphold the accountability of PayPal during quarterly reporting. He stated that “the payments industry is changing faster than ever,” emphasizing the need for adaptation to new technologies and competitive pressures.
With Lores at the helm, PayPal is poised to navigate these challenges and focus on enhancing its role within the evolving digital payments ecosystem. He expressed enthusiasm about leading the team to accelerate innovation and shape the future of commerce.
