Enrique Lores will be the new chief executive officer of digital payments processor PayPal Holdings Inc., and David Dorman its new board chairman, PayPal announced on Tuesday. File Photo by Andrew Gombert/EPA
Enrique Lores will be the new chief executive officer of PayPal Holdings Inc., and David Dorman is the digital payment processor’s new independent board chairman, the company announced Tuesday.
Lores previously was the tech firm’s chairman and served on the independent board for five years, and he replaces Alex Chriss as its chief executive officer, PayPal announced.
Lores won’t immediately take the reins as PayPal’s top executive. Instead, Chief Financial and Operating Officer Jamie Miller will serve as interim chief executive until Lores is ready to take the helm.
While Lores won’t immediately become PayPal’s chief executive, Dorman immediately becomes chairman of its independent board.
“Enrique is widely recognized as a visionary leader who prioritizes customer-centric innovation with demonstrable impact,” Dorman said.
“His strong track record leading complex transformations and disciplined execution on a global basis will ensure PayPal maintains its leadership of the dynamic payments industry now and into the future,” Dorman said of Lopes.
“I look forward to continuing to work with the board and supporting Enrique as he takes on the CEO role,” he added.
“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 and holding ourselves accountable for consistent delivery quarter on quarter to further assert PayPal’s industry leadership position,” Lores said.
“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,” he explained.
“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,” Lores said.
PayPal’s board of directors evaluated Lores’ qualifications for the new position before appointing him as the new chief executive.
PayPal officials said the change is needed to enable the company to better address industry-wide changes and competition.
Lores has more than 30 years of technology and commercial experience and “is widely recognized as a visionary leader who prioritizes customer-centric innovation with demonstrable impact,” Dorman said.
“His strong track record leading complex transformations and disciplined execution on a global basis will ensure PayPal maintains its leadership of the dynamic payments industry now and into the future,” he added.
PayPal’s board said the company’s future success will be as a global services provider whose strengths are its consumer, merchant and partner relationships.
The chief executive position opened when Chriss vacated the position after 2.5 years.
