PayPal sees 2026 profit below estimates, names HP's Lores as CEO

PayPal has announced the appointment of Enrique Lores, the former CEO of HP, as its new CEO. This decision comes as the company faces challenges, including a forecast for 2026 profits that are expected to fall below estimates. The transition in leadership is part of PayPal's strategy to navigate its current financial landscape and improve its performance. Until Lores officially takes over on March 1, 2024, Jamie Miller, who currently serves as PayPal's CFO and COO, will act as the interim CEO. This interim period is intended to ensure a smooth transition and maintain operational continuity during the leadership change. The appointment of Lores is seen as a significant move for PayPal, as the company seeks to revitalize its strategic direction under new leadership. The announcement of Lores' appointment and the profit forecast comes amid ongoing scrutiny of PayPal's business model and market position. The company has been working to adapt to evolving consumer behaviors and competitive pressures in the digital payments space. The leadership change is expected to bring fresh perspectives and strategies to address these challenges. Overall, PayPal's decision to bring in Lores as CEO reflects its commitment to enhancing its business performance and addressing the financial outlook for the coming years. The company aims to leverage Lores' experience and leadership skills to drive growth and innovation in the digital payments sector.