PayPal is replacing CEO Alex Chriss with Enrique Lores, saying that the pace of change and execution at the company has not met board expectations over the past two years.

Lores has served as a PayPal board member for almost five years and has been board Chair since July 2024. He’s also spent more than six years as president and CEO of HP Inc.

“The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape, and the rapid acceleration of AI that is reshaping commerce daily,” Lores said in a statement on Tuesday. “PayPal sits at the center of this change, and I look forward to leading the team to accelerate the delivery of new innovations and to shape the future of digital payments and commerce.”

PayPal’s board thanked Chriss for his contributions, including the role he played to monetize Venmo and grow the Buy Now Pay Later business.

Lores will take over as PayPal CEO on March 1. 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.

PayPal also reported its fourth-quarter results on Tuesday. The technology platform and digital payments company posted an adjusted profit of $1.23 per share on revenue of $8.68 billion. The performance missed the expectations of analysts polled by Zacks Investment Research, who were looking for a profit of $1.29 per share on revenue of $8.77 billion.

The San Jose, California-based company also forecast lower profit for the first quarter.

Shares slid 16% before the market open.