When Alex Chriss took over the reins at PayPal from outgoing CEO Dan Schulman in late 2023, he set out a technology-focused vision based around tools like AI and stablecoins. Barely two years later, that vision has come up short as PayPal on Tuesday announced it was pushing out Chriss in favor of board chairman Enrique Lores, who is currently CEO of HP. The move comes after Chriss failed to halt a slide in PayPal’s share price, which is down around 80% from five years ago, and as the company predicted lower earnings for 2026.
In a statement, PayPal made clear it was replacing Chriss due to poor performance, stating, “The pace of change and execution was not in line with the Board’s expectations.”
