PayPal replaced its CEO Alex Chriss, who was brought in to steer the payments firm through slowing growth and heightened competition, and simultaneously issued a lackluster profit forecast for 2026 on Tuesday, sending its shares down 19%.
The company’s board, which named HP’s Enrique Lores as its new president and CEO, said the pace of change and execution under Chriss was not in line with its expectations.Chriss was tasked with turning around PayPal during a challenging period as post-pandemic trading volumes declined and competitive pressures in its core business from large technology companies and newer fintech rivals intensified.
PayPal said Chief Financial Officer Jamie Miller would serve as interim CEO until Lores assumes the role on March 1. Lores was the president and CEO at consumer electronics giant HP for more than six years. Wall Street analysts said the unexpected CEO announcement raises questions about the company’s turnaround strategy. “The big question is whether he will bring in a formidable payments team to attempt yet another multi-year turnaround or look to start reviewing options for strategic assets,” analysts at Evercore ISI said.
