PayPal is hiring HP CEO Enrique Lores (엔리케 로레스) as its new chief executive and putting in place a new leadership structure, TechCrunch reported on Monday.
PayPal’s board appointed Lores as chief executive and chairman.
Alex Chriss joined PayPal from Intuit in September 2023, but the board decided to change leaders after judging the pace of change at the company fell short of expectations. CFO and COO Jamie Miller will serve as interim CEO and lead the company until Lores joins.
The appointment comes as PayPal struggles with weak performance. In recently announced fourth-quarter results, PayPal’s revenue and profit missed expectations, and investors’ disappointment grew as the company forecast annual profit would decline, the report said.
Lores said, "The payments industry is changing rapidly with AI and new technologies, and PayPal is at the centre of it." He said it would "lead the future of digital payments and commerce."
Chi-gyu Hwang
delight@d-today.co.kr