PayPal names Spaniard Enrique Lores as its new CEO

New York.– Digital payments giant PayPal announced this Tuesday that Spaniard Enrique Lores will be its new CEO, starting March 1st and with the intention of changing the company’s growth strategy after growth expectations have disappointed the markets. Lores, former HP CEO, will replace Alex Chriss and during the transition PayPal CFO, Jamie Miller, will be the interim CEO. Meanwhile, David Dorman has been appointed independent chairman of the Board of Directors, effective immediately.

Some profits below expectations

The replacement occurs after PayPal reported a profit and revenue below what analysts expected, in the face of which the company said that the board of directors had decided that “the pace of change and execution was not in line” with what was expected.

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“Enrique is widely recognized as a visionary leader who prioritizes customer-centric innovation with demonstrable impact. His strong track record of leading complex transformations and disciplined execution globally will ensure that PayPal maintains its leadership in the dynamic payments industry, now and in the future,” said Dorman. The decision of the Board of Directors comes after a thorough evaluation of PayPal’s performance against the competition. Although the firm acknowledged progress in the last two years, the board concluded that the “pace of change and execution did not meet expectations”.

President of PayPal for a year and a half

Lores, 61 years old, has been part of the PayPal Board of Directors for almost five years and served as its chairman since July 2024.

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The company’s shares fell more than 17% in pre-market trading after the payments giant’s board said the pace of change and execution under current CEO, Chriss, were not in line with its expectations.