Background and Relevance of Enrique Lores
Enrique Lores, a Spanish executive with extensive experience in technology and commerce, has been appointed as the new CEO of PayPal Holdings. He will assume his role starting March 1, succeeding Alex Chriss.
Lores, aged 60, has been serving as the President and CEO of HP since mid-2024. He has been a member of PayPal’s board of directors for nearly five years and has chaired the board since mid-2024. His appointment comes after a thorough evaluation by PayPal’s board regarding the company’s position in relation to competitors and the overall industry landscape.
Transition Plan
To ensure a smooth transition, Jamie Miller, PayPal’s Chief Financial and Operating Officer, will serve as interim CEO until Lores assumes the role. David W. Dorman has been appointed as independent Chairman of the Board, effective immediately.
PayPal’s Expectations from Lores
PayPal acknowledged that while progress has been made in various areas over the past two years, the pace of change and execution has not met the board’s expectations. The company believes that Lores, with over three decades of experience in technology and commerce, will provide the necessary leadership to guide PayPal into its next phase.
During his tenure at HP, Lores successfully navigated the company through a strategic transition and innovation period, expanding its business beyond traditional roots into services, subscriptions, and emerging future-of-work solutions, including AI-based offerings.
Lores’ Vision for PayPal
Post-appointment, Lores emphasized the need to strengthen PayPal’s innovation culture while balancing short-term delivery. He aims to execute with greater speed and precision, ensuring consistent quarterly performance to further establish PayPal’s leadership in the sector.
Lores recognizes that the payments industry is evolving faster than ever, driven by new technologies, regulatory changes, intensifying competition, and the rapid advancement of AI. He intends to lead PayPal in accelerating the implementation of new innovations and shaping the future of digital payments and commerce.
HP’s Response to Lores’ Departure
In response to Lores’ resignation from HP, the company’s board named Bruce Broussard as interim CEO. Additionally, HP formed a search committee to identify Lores’ successor and engaged a global executive search firm to assist in the process.
