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

PayPal said the appointment was made because 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, succeeding 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 profit in the fourth quarter, as consumer spending dipped amid a broader cost of living crisis and a softening labor market. The company also forecast a dip in its full-year profit, which surprised investors, as Wall Street had broadly expected the company to forecast growth instead.

PayPal’s shares were down about 17.9% in premarket trading on Tuesday.

Lores, who served as President and CEO of HP for over six years, said that apart from product innovation, PayPal will hold itself accountable for delivering quarterly accounts.

“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. 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,” Lores said in a statement.