PayPal Holdings Inc. (NASDAQ: PYPL) announced that its board of directors has appointed Enrique Lores as president and CEO, effective March 1, 2026. Lores, who has served on PayPal's board for nearly five years and as board chair since July 2024, will succeed Alex Chriss.

Jamie Miller, chief financial and operating officer, will serve as interim CEO until Lores assumes the role. David W. Dorman has been appointed as independent board chair, effective immediately.

The appointment follows what the company described as a detailed board evaluation of PayPal's position relative to competitors and the broader industry. The board stated that while progress was made in several areas over the past two years, the pace of change and execution did not meet expectations.

Lores joins PayPal after more than six years as president and CEO of HP Inc., where he led the company through strategic transitions and expanded the business beyond traditional PC and printing into services, subscriptions, and emerging solutions including AI-enabled offerings.

"We will further strengthen the culture of innovation necessary to deliver long-term transformation and balance this with near-term delivery, executing with greater speed and precision," Lores said in a statement.

The board thanked Chriss for his contributions over the past two and a half years, including his role in monetizing Venmo and growing the buy-now-pay-later business. Chriss said he was proud to have led the company and believed Lores was the right person for the next phase of transformation.

The leadership change comes as PayPal faces an increasingly competitive payments landscape driven by new technologies, evolving regulations, and the acceleration of artificial intelligence reshaping commerce.