PayPal said Tuesday it hired HP’s Enrique Lores as its CEO and President, replacing its current chief executive, Alex Chriss. Lores, who has been chair of PayPal’s board since July 2024, will also take on the role of president.

PayPal SAYS The appointment was made because the company’s pace of change and execution was “not in line with the Board’s expectations” given broader market trends.

Chriss joined PayPal in September 2023 from Ituit, replacing Dan Schulman. PayPal’s CFO and COO, Jamie Miller, will take over as interim CEO until Lores joins the company.

The appointment comes as PayPal on Tuesday reported lower-than-expected revenue and earnings in the fourth quarter, as consumer spending fell amid a broader cost-of-living crisis and a sluggish labor market. The company also predicted a decline in full-year earnings, which surprised investors, as Wall Street had widely expected the company to forecast growth.

PayPal shares fell about 17.9% in premarket trading on Tuesday.

Lores, who served as HP’s President and CEO for more than six years, said that aside from product innovation, PayPal will hold itself accountable for delivering quarterly accounts.

“The payments industry is changing faster than ever, driven by new technologies, changing regulations, an increasingly competitive landscape, and the rapid acceleration of AI that is transforming commerce every day. PayPal sits at the center of this transformation, and I look forward to leading the team to accelerate the delivery of new innovations and to shape the future of digital payments and statements in commerce,” said Lores.