PayPal Layoffs & Leadership Shakeup — February 2026

As of February 2026, PayPal Holdings, Inc. is at the center of major corporate restructuring, combining significant workforce reductions with a surprise leadership change. These developments come as the company navigates slowing growth, intensifying competition, and disappointing financial results.

🔻 Why PayPal Is Cutting Jobs

Although PayPal hasn’t released an exact new layoff count for 2026 as of this update, the company has been reducing its workforce in recent years as part of cost-cutting and “right-sizing” efforts. In early 2024, PayPal announced plans to cut roughly 2,500 jobs — about 9% of its global workforce — to streamline operations and focus on growth areas. Analysts say these kinds of reductions tie back to operational missteps, slower adoption of new payment technology, competitive pressures from rivals like Apple Pay and Stripe, and broader macroeconomic headwinds impacting digital payments growth.

📉 Impact on Workforce

PayPal’s 2024 cuts affected a notable portion of its employees — nearly one in ten — and served as a precedent for continued restructuring into 2026. While PayPal has not officially disclosed a fresh 2026 layoff percentage yet, industry trackers and corporate observers indicate that workforce trimming has been part of the company’s ongoing strategy to reduce cost, eliminate duplication and adjust to weaker business performance.

👔 CEO Exit: What Happened?

On February 3, 2026, PayPal’s Board abruptly removed CEO Alex Chriss, who had served in the role since late 2023. The board cited that the “pace of change and execution was not in line with expectations,” as PayPal missed profit and revenue targets and issued a weaker-than-expected forecast for 2026. This surprise move sent the company’s stock sharply lower.

🚀 New Leadership

PayPal named long-time technology executive Enrique Lores as its new President and Chief Executive Officer, effective March 1, 2026. Lores — who previously served many years at HP and most recently as HP’s CEO — is expected to help guide PayPal through this challenging phase, with emphasis on execution, disciplined growth and competitive positioning in the payments sector. › PayPal also named David W. Dorman as its Independent Board Chair in the leadership reshuffle.

📊 What This Means Going Forward

This combination of layoffs and executive turnover reflects PayPal’s ongoing effort to adapt to changing market dynamics. Sluggish performance in PayPal’s branded checkout business, slower merchant adoption of new technology, and stronger competition have all pressured the company’s financials, leading to decisive action from the Board. As Lores takes over, investors and employees alike will be watching closely to see how strategy shifts from cost cutting to sustainable growth.