PayPal is replacing CEO Alex Chriss with Enrique Lores due to the company’s failure to meet board expectations. Lores, a board member for almost five years, will take over on March 1. The company’s fourth-quarter results fell short of analysts’ expectations, leading to a 16% drop in shares before the market opened.

Lores, who has been board Chair since July 2024, aims to lead PayPal in accelerating new innovations and shaping the future of digital payments and commerce. PayPal’s board thanked Chriss for his role in monetizing Venmo and growing the Buy Now Pay Later business. 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. The company reported an adjusted profit of $1.23 per share on revenue of $8.68 billion, missing analysts’ expectations of $1.29 per share on revenue of $8.77 billion. PayPal also forecast lower profit for the first quarter.

Read more at Yahoo Finance: PayPal replaces CEO Chriss with HP’s Lores