PayPal Holdings, Inc. Furnishes CEO Appointment and Board Changes
Summary
PayPal Holdings, Inc. announced the appointment of Enrique Lores as President and Chief Executive Officer, effective March 1, 2026, succeeding Alex Chriss, who ceased to serve as CEO and resigned from the Board on February 2, 2026 (via Ex. 99.1 press release). Jamie Miller, Chief Financial and Operating Officer, will serve as Interim President and Chief Executive Officer until Mr. Lores assumes the role. David W. Dorman was appointed Independent Board Chair, effective immediately. - Mr. Lores will receive an annual base salary of $1,450,000 (via Ex. 10.1). - Jamie Miller is eligible for a $3,000,000 cash retention award (via Ex. 10.2). - The Board's decision followed an evaluation where "the pace of change and execution was not in line with the Board's expectations" (via Ex. 99.1).
Why It Matters
The change in CEO, driven by the Board's dissatisfaction with the "pace of change and execution" (Ex. 99.1), signals a significant strategic shift for PayPal. The appointment of a new CEO and an interim leader, alongside a substantial retention award for the interim CEO, indicates a critical period of transition and a push for accelerated performance.
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Key Quote
“) of the Company appointed Enrique Lores as President and Chief Executive Officer of the Company, effective as of March 1, 2026.”
— From Item 5.02
Filing Details
Reported Items
Additional Information
- CIK Number
- 0001633917
- Filing Date
- Tuesday, February 3, 2026
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- positive