PayPal appoints HP’s Enrique Lores in surprise CEO shake-up

PayPal has announced the appointment of HP chief Enrique Lores as its new CEO, in a move the payments giant said will help it maintain its industry standing in the era of AI.

Lores – who has served on PayPal’s board for nearly five years and as board chair since July 2024 – will succeed Alex Chriss from March 1.

Chief financial and operating officer Jamie Miller will act as Interim CEO until Lores formally assumes the role. The leadership reshuffle also sees David W Dorman appointed as independent board chair, effective immediately.

The move follows what PayPal described as a detailed evaluation conducted by its board of directors on the company’s competitive position set against the wider industry landscape.

While the firm acknowledged that “some progress had been made” over the last two years, it added that the pace of change and execution was not in line with expectations.

In an announcement, David W Dorman said Lores’ wealth of experience and customer-centric focus will now provide the leadership required to lead PayPal into its next chapter.

"Enrique is widely recognized as a visionary leader who prioritizes customer-centric innovation with demonstrable impact,” he commented.

“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."

‘Culture of innovation’

Lores arrives following six years as president and CEO at HP, where he led the company’s transition beyond traditional PCs and into services, subscriptions, and AI-enabled future-of-work solutions.

During his time in the role, the Lores played a pivotal role in the separation of HP and HPE, credited with strengthening operating discipline, simplifying cost structure, and positioning the business for long-term innovation.

Commenting on his new role as CEO, Lores highlighted the importance of balancing long-term transformation with short-term goals.

"We will further strengthen the culture of innovation necessary to deliver long-term transformation and balance this with near-term delivery, executing with greater speed and precision, and holding ourselves accountable for consistent delivery quarter on quarter, to further assert PayPal's industry leadership position," he said.

Lores also noted the rapid changes sweeping the commerce industry, driven by a combination of new technologies, evolving regulations, increasing competition, and the ever-increasing presence of AI.

"PayPal sits at the center 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," he added.

Long-term success

In the announcement, PayPal reiterated its belief that its long-term success is grounded in global scale, data, and the strength of its consumer, merchant, and partner relationships.

The company also thanked the outbound Alex Chriss for his two and a half year tenure as CEO, citing his role in monetizing Venmo and expanding the BNPL business.

"I am proud to have had the opportunity to lead such a great company and work with such a talented team,” Chriss commented. “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."

FOLLOW US ON SOCIAL MEDIA

Make sure to follow ITPro on Google News to keep tabs on all our latest news, analysis, and reviews.

You can also follow ITPro on LinkedIn, X, Facebook, and BlueSky.