adverts
PayPal has appointed Peter Lores from HP as its new CEO, amid board concerns that the brand is failing to counter the competitive threat from big tech companies like Apple and Google.
Lores, who has served on the PayPal Board for nearly five years and as Board Chair since July 2024, succeeds outgoing CEO Alex Chriss.
News of his appointment comes after the payments company served up a lacklustre set of earnings results, pressured by weaker US retail spending and slower growth in its core branded checkout segment. The results failed to inspire confidence on Wall Street, with the share price slipping by nine per cent.
adverts
Lores’ ascension to the CEO seat follows an evaluation by the board on the current position of the company relative to its competition and the broader industry landscape.
“While some progress has been made in a number of areas over the last two years, the pace of change and execution was not in line with the Board’s expectations,” they say. “The Board is confident that the appointment of Lores, a seasoned executive with more than three decades of technology and commercial experience, will provide the leadership necessary to lead PayPal into its next chapter.
Lores joins PayPal after more than six years as president and CEO of HP Inc., where he successfully led the company through a period of transition, expanding the business beyond its traditional PC and printing roots into services, subscriptions, and emerging future-of-work solutions, including AI-enabled offerings.
“We will further strengthen the culture of innovation necessary to deliver long-term transformation…executing with greater speed and precision and holding ourselves accountable for consistent delivery quarter on quarter,” says Lores. “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.”
Click the link Puretvonline.com | WhatsApp Channel to join the WhatsApp channel
GOT A STORY?
Contact/WhatsApp: +233243201960 or manuelnkansah33@gmail.com
