PayPal has appointed Enrique Lores as president and chief executive after the “pace of change and execution” at the company failed to meet board expectations in recent years.

The appointment follows an evaluation of the company’s position relative to its competition and the wider industry landscape by the board of directors.

The board said that while some progress has been made in a number of areas over the past two years, it was not in line with what it expected.

PayPal said it is confident that the appointment of Lores, who has over three decades of technology and commercial experience, will provide the leadership necessary to lead PayPal.

Lores, who will take on the role on 1 March 2026, has served on PayPal’s board of directors for five years and worked as board chair since July 2024.

He joins the firm from Hewlett Packard (HP), where he worked for over six years as president and chief executive of the technology company.

During this time, he led the company through a period of transition and expanded the business beyond its traditional PC and printing roots into services, subscriptions and AI-enabled solutions.

Lores will replace Alex Chriss, who has worked at PayPay since September 2023.

To ensure a seamless transition, Jamie Miller, chief financial and operating officer, will serve as interim chief executive until Lores assumes the role.

PayPal added that David W. Dorman has been appointed as independent board chair.

"Enrique is widely recognised as a visionary leader who prioritises customer-centric innovation with demonstrable impact,” said Dorman. “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."

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