PayPal has removed Alex Chriss as chief executive with immediate effect and appointed Enrique Lores to lead the payments group from 1 March 2026. The company's board said execution had not met expectations over the two years since Chriss took the helm — a blunt assessment that underscores the pressure building on one of the world's largest digital-payments platforms as competition for consumers and merchants intensifies.
Lores arrives as a familiar face at PayPal: the former HP Inc. chief executive has sat on PayPal's board of directors since 2020, giving him substantial familiarity with the company's strategy, finances, and competitive challenges before formally assuming the leadership role. His board tenure means he enters without the typical orientation period that an entirely external appointment would require.
A BOARD THAT LOST PATIENCE
The decision to remove Chriss reflects the board's view that the pace of change at PayPal had fallen short of what the competitive environment demands. The payments industry has grown significantly more contested in recent years, with challengers pressing on consumer wallets, merchant checkout technology, and cross-border payment flows alike. Chriss had been brought in specifically to accelerate a strategic overhaul, and the board concluded after two years that progress was insufficient to meet its expectations.
PayPal said in a statement that the transition was effective on 1 March 2026. The company did not detail specific performance metrics that had been missed, nor did it outline any immediate changes to operating targets or strategic priorities. Those decisions will fall to Lores and his leadership team as he settles into the chief executive role and takes stock of the business.
During the period between the board's announcement and Lores's formal start date on 1 March, chief financial and operating officer Jamie Miller served as interim chief executive, ensuring continuity in day-to-day operations and leadership continuity for staff, investors, and key merchant partners. The arrangement was designed to minimise disruption during the handover.
LORES BRINGS BOARD FAMILIARITY AND TECH EXPERIENCE
Lores stepped down as HP Inc.'s chief executive before taking the PayPal role, and his tenure at the printer and personal-computer maker was marked by a sustained effort to reposition that business around higher-margin services and subscriptions. The strategic challenge at PayPal is structurally different, centred on a two-sided network rather than a hardware and services business, but the underlying requirement — to improve the quality and predictability of earnings — is comparable.
PayPal remains one of the most widely used digital-payments brands globally, processing hundreds of billions of dollars in payment volume annually through its core platform and consumer-facing products including Venmo. The board's decision to install a known quantity from within its own ranks signals confidence that the underlying business retains significant potential, and that the issue lies with execution rather than fundamentals.
Shareholders and analysts are likely to look for a detailed strategic update in the coming weeks as Lores sets out his priorities. Key areas of focus will include the trajectory of active account growth, the monetisation of Venmo, and the long-term competitive positioning of PayPal's checkout products against rivals that have invested heavily in streamlining the online payment experience for merchants.