PayPal replaces CEO Chriss with HP’s Enrique Lores – CNBC TV18 – Company Technique & Outlook

PayPal is changing CEO Alex Chriss with Enrique Lores, saying that the tempo of change and execution on the firm has not met board expectations over the previous two years.

Lores has served as a PayPal board member for nearly 5 years and has been board Chair since July 2024. He is additionally spent greater than six years as president and CEO of HP Inc.

“The funds business is altering quicker than ever, pushed by new applied sciences, evolving laws, an more and more aggressive panorama, and the speedy acceleration of AI that’s reshaping commerce each day,” Lores mentioned in an announcement on Tuesday. “PayPal sits on the centre of this transformation, and I stay up for main the workforce to speed up the supply of recent improvements and to form the way forward for digital funds and commerce.”

Learn Additionally: New York and New Jersey sue Trump administration over $16 billion funding freeze for Hudson River tunnels
PayPal’s board thanked Chriss for his contributions, together with the position he performed in monetising Venmo and develop the Purchase Now Pay Later enterprise.

Lores will take over as PayPal CEO on March 1. David Dorman will function impartial chair, efficient instantly.

PayPal’s Chief Monetary and Working Officer Jamie Miller will function interim CEO till Lores assumes the place.

PayPal additionally reported its fourth-quarter outcomes on Tuesday. The know-how platform and digital funds firm posted an adjusted revenue of $1.23 per share on income of $8.68 billion. The efficiency missed the expectations of analysts polled by Zacks Funding Analysis, who have been in search of a revenue of $1.29 per share on income of $8.77 billion.

The San Jose, California-based firm additionally forecast decrease revenue for the primary quarter.

Shares slid 16% earlier than the market open.