PayPal Holdings Inc. early Tuesday announced it has appointed board chairman Enrique Lores president and chief executive, replacing Alex Chriss. Lores moves into his new position after more than six years as CEO at HP Inc. The company also reported December-quarter results in the face of a steep drop in its share price over the past two weeks.
As Lores moves into his new role, Jamie Miller, chief financial and operating officer, is taking on the position of interim CEO, PayPal said, adding that long-time board member David Dorman is now the independent board chair.
The board thanked Chriss, who came from Intuit Inc. to take over as CEO two-and-a-half years ago, crediting him particularly for acting to monetize PayPal’s Venmo business and expand its buy now, pay later franchise. But in her remarks, Miller pointed to several weaknesses at PayPal that underlie its performance.