PayPal names Enrique Lores as CEO, effective March 1, 2026

For years, PayPal has talked about moving faster. Now it’s the board that’s making a bet that leadership, not strategy slides, will finally change the pace.

The payments giant announced today that Enrique Lores will take over as President and CEO on March 1, 2026, following a board-led review that concluded that the company’s progress has fallen short of expectations. Lores, who has served on PayPal’s board for nearly five years and as chair since July 2024, will replace Alex Chriss. Jamie Miller, PayPal’s Chief Financial and Operating Officer, will step in as Interim CEO during the transition. David W. Dorman has been named Independent Board Chair, effective immediately.

The timing and tone of the announcement say a lot. The board made clear this decision came after examining how PayPal stacks up against rivals and where it stands across the payments sector. Gains were acknowledged, but the message was blunt: execution has lagged.

That gap is where the board believes Lores fits.

“Enrique is widely recognized as a visionary leader who prioritizes customer-centric innovation with demonstrable impact. 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,” said Dorman. “I look forward to continuing to work with the Board and supporting Enrique as he takes on the CEO role.”

Lores arrives with more than three decades of experience running large technology businesses under pressure. Most recently, he spent over six years as President and CEO of HP Inc., where he oversaw a reset that moved the company beyond PCs and printers to services, subscriptions, and AI-linked workplace offerings. He also played a central role in the separation of HP and HPE, tightening operations and reshaping the cost base to support longer-term innovation.

At PayPal, the challenge looks different but familiar. Competition has intensified across digital payments, buy now pay later, and merchant services. New entrants are quicker to ship. Regulators are more active. AI is changing how commerce flows. PayPal sits at the center of all of it, with massive scale and data, but pressure to prove it can move with urgency.

“We will further strengthen the culture of innovation necessary to deliver long-term transformation and balance this with near-term delivery, executing with greater speed and precision, and holding ourselves accountable for consistent delivery quarter on quarter, to further assert PayPal’s industry leadership position,” Lores said. “The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape, and the rapid acceleration of AI that is reshaping commerce daily. PayPal sits at the center of this change, and I look forward to leading the team to accelerate the delivery of new innovations and to shape the future of digital payments and commerce.”

The board framed PayPal’s long-term strength around its global footprint, two-sided platform, and deep ties with consumers, merchants, and partners. The message was clear: the assets are there. What’s been missing is consistent delivery at speed.

Alex Chriss, who has led the company for the past two and a half years, leaves having pushed forward efforts to monetize Venmo and expand PayPal’s BNPL business. The board credited him with platform modernization and a customer-first approach, even as it acknowledged the limits of progress.

“I am proud to have had the opportunity to lead such a great company and work with such a talented team. Now is the right time to make a transition to a seasoned leader who can take the company through its next phase of transformation. I have enjoyed a great working relationship with Enrique, and I am certain he is the right person to meet that challenge,” Chriss said.

For PayPal, this is less about a fresh vision and more about follow-through. After more than 25 years of shaping how money moves online across roughly 200 markets, the company now faces a simple test: can a leader known for operational discipline turn scale into momentum?

The board is betting that Enrique Lores can.