UPDATE 1-PayPal appoints HP CEO Lores to board

(Adds background on Lores)

June 30 (Reuters) - Payments giant PayPal Holdings Inc said on Wednesday it had appointed Enrique Lores, chief executive officer of HP Inc, to its board of directors, effective June 29.

Lores took over as HP’s top boss in 2019, after starting as an engineering intern in a career spanning more than 30 years at the company. He faced a hostile takeover battle from Xerox Holdings Corp soon after taking over the reins.

Xerox later walked away from its bid.

Lores also played a role in the splitting of Hewlett-Packard Co into two publicly-listed companies, and was involved in HP’s $1.05 billion acquisition of Samsung’s printer business in 2017.

With the addition of Lores, PayPal’s board now has 12 members, the San Jose, California-based company said.

Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath