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Lores has served as a PayPal board member for almost five years
and has been board Chair since July 2024. He's also spent more
than six years as president and CEO of HP Inc.
“The payments industry is changing faster than ever, driven by
new technologies, evolving regulations, an increasingly
competitive landscape, and the rapid acceleration of AI that is
reshaping commerce daily,” Lores said in a statement on Tuesday.
"PayPal sits at the center of this change, and I look forward to
leading the team to accelerate the delivery of new innovations
and to shape the future of digital payments and commerce.”
PayPal's board thanked Chriss for his contributions, including
the role he played to monetize Venmo and grow the Buy Now Pay
Later business.
Lores will take over as PayPal CEO on March 1. David Dorman will
serve as independent chair, effective immediately.
PayPal's Chief Financial and Operating Officer Jamie Miller will
serve as interim CEO until Lores assumes the position.
PayPal also reported its fourth-quarter results on Tuesday. The
technology platform and digital payments company posted an
adjusted profit of $1.23 per share on revenue of $8.68 billion.
The performance missed the expectations of analysts polled by
Zacks Investment Research, who were looking for a profit of
$1.29 per share on revenue of $8.77 billion.
The San Jose, California-based company also forecast lower
profit for the first quarter.
Shares slid 16% before the market open.
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