The leadership changes come as PayPal faces mounting pressure to sharpen its execution in an increasingly crowded payments market.
PayPal has appointed Enrique Lores as its next President and CEO, tasking the long‑time board member and former HP Inc. chief with accelerating the company’s transformation amid intensifying competition in digital payments.
Lores will assume the role on March 1, succeeding Alex Chriss. Until then, PayPal’s Chief Financial and Operating Officer, Jamie Miller, will serve as interim CEO. The company has also named David W. Dorman as Independent Board Chair, effective immediately.
The leadership overhaul, announced today (February 3) follows what the board described as a detailed review of PayPal’s competitive position and the pace of its recent strategic execution. While progress had been made under Chriss — including monetising Venmo and expanding the BNPL business — directors concluded that the company needed a more rapid shift to meet market expectations.
Dorman said Lores brings “a strong track record leading complex transformations and disciplined execution on a global basis,” adding that the board expects him to reinforce PayPal’s position in a payments landscape reshaped by new technologies, regulatory change, and AI‑driven commerce.
Lores, who has served on PayPal’s board for nearly five years and as its chair since July 2024, previously led HP Inc. through a significant strategic transition, expanding the business into services, subscriptions, and AI‑enabled future‑of‑work offerings. He also played a central role in the HP/HPE separation, focusing on operational discipline and long‑term innovation.
In a statement, Lores said PayPal must “strengthen the culture of innovation” while delivering more consistently in the near term. He highlighted the rapid evolution of payments infrastructure and the need for greater speed and precision in execution.
The board emphasised that PayPal’s long‑term advantage remains rooted in its global scale, data assets, and two‑sided platform spanning consumers, merchants, and partners, but that sharper operational delivery will be critical to maintaining leadership.
Chriss, who led the company for two and a half years, said the timing was right for a transition to a leader equipped to drive the next phase of transformation.
PayPal’s strategic pivot underway
PayPal’s leadership reshuffle comes as the company pursues a broader repositioning in the US financial services landscape.
In December 2025, Payment Expert reported that PayPal had filed an application to establish PayPal Bank, seeking a lending charter in Utah and FDIC approval to expand its small‑business financing capabilities. The proposed bank would offer business loans and interest‑bearing savings accounts, while also pursuing direct membership with US card networks.
The move places PayPal among a growing cohort of non‑banks – including Coinbase and Nubank – seeking US banking licences amid a deregulatory shift under the Trump administration.
