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PayPal has replaced its chief executive Alex Chriss, after the board warned that “the pace of change and execution” at the digital payments company was too slow.
PayPal on Tuesday said that it had appointed former board chair Enrique Lores as president and CEO of the company to replace Chriss, who had served as chief executive since 2023.
In a statement on Tuesday, Paypal said that an evaluation by its board had concluded: “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.”
Shares in PayPal have slumped to less than $50 from a high of more than $300 in 2021 amid increasing competition in online payments.
Shares fell 16 per cent in pre-market trading on Tuesday, as the company also reported earnings which missed analyst expectations.
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