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PayPal announced on February 3, 2026, that Enrique Lores would become its President and CEO on March 1, succeeding Alex Chriss. Lores had been HP Inc.’s President and CEO and had also served on PayPal’s board, including as board chair. PayPal said the change followed a board review that found the company’s pace of change and execution fell short of expectations.
When did Enrique Lores become PayPal CEO?
PayPal announced the appointment on February 3, 2026, but Lores’s appointment took effect on March 1. Alex Chriss’s service ended effective February 2. PayPal CFO and COO Jamie Miller served as interim CEO during the transition. David W. Dorman became PayPal’s independent board chair effective immediately when the appointment was announced. PayPal’s announcement and its February 3 SEC filing set out those dates and roles.
Why did PayPal replace Alex Chriss?
PayPal said its board made the decision after a detailed evaluation of the company’s position relative to competitors and the broader industry. The board said PayPal had made progress over the previous two years, but that the pace of change and execution did not meet its expectations. That is the board’s stated rationale, not an independently established assessment of the company’s performance. PayPal’s release and SEC filing describe the board’s reasoning.
Lores said the payments industry was changing rapidly amid new technology, regulation, competition and AI. He added that he looked forward to leading PayPal to accelerate innovation in digital payments and commerce. Those were Lores’s comments in PayPal’s February 3 announcement.
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Who is Enrique Lores?
Before joining PayPal as CEO, Lores had led HP Inc. for more than six years. He had also been a PayPal director for nearly five years and had served as the company’s board chair since July 2024. PayPal’s executive biography identifies him as President and CEO and summarizes his HP leadership.
HP announced on February 3 that Lores had stepped down as its President and CEO and as a board member effective at the end of February 2, 2026, to pursue another professional opportunity. HP appointed board member Bruce Broussard interim CEO while it searched for a permanent successor. HP’s release did not identify PayPal as the opportunity; PayPal’s separate announcement connected Lores to its CEO appointment. HP’s announcement describes the transition at the company.
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What PayPal announced after the appointment
On April 29, 2026, PayPal announced a three-business operating model: Checkout Solutions & PayPal; Consumer Financial Services & Venmo; and Payment Services & Crypto. The release also named leaders for those areas and listed Lores as President and CEO. This is an announced organizational plan, not evidence that the restructuring has delivered results.
Lores said the intended approach was to get closer to consumers, align the company around three businesses, simplify work, sharpen accountability and prioritize operational excellence. PayPal’s April 29 announcement details the model and his remarks.
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