PayPal Holdings, the digital payments pioneer, named board member and former HP CEO Enrique Lores as its new chief executive, pushing aside Alex Chriss who has been in the role since September 2023.
Lores, who was also named president, will take on the new responsibilities effective March 1, the company said in a press release issued Tuesday. Lores stepped down as CEO and president of HP on Tuesday.
The PayPal board, which Lores has served on for five years, gave little explanation for the CEO shift, other than to cite a general dissatisfaction with the performance of the San Jose, California-based company.
“Today's appointment follows a detailed evaluation conducted by the Board of Directors on the current position of the company relative to its competition and the broader industry landscape,” the release said. “While some progress has been made in a number of areas over the last two years, the pace of change and execution was not in line with the Board's expectations.”
The release made little mention of Chriss, other than thanking him for his service. Chriss took over from long-time CEO Dan Schulman in 2023 as PayPal struggled to grow.
The company also reported fourth-quarter results today. This is a developing story. Check our website for updates.
