Who is Enrique Lores and what is his professional background?

Enrique Lores is the former President and CEO of HP Inc. since November 2019, with a 35-year career at HP starting as an intern in 1989. He holds a degree in electrical engineering from Polytechnic University of Valencia and an MBA from ESADE Business School, and has led key initiatives like the 2015 HP split.

Why was Alex Chriss ousted as PayPal's CEO?

Alex Chriss was replaced after PayPal missed fourth-quarter targets, reporting adjusted earnings of $1.23 per share on $8.68 billion revenue and forecasting lower first-quarter profit, which the board criticized as poor execution.

What leadership changes occurred at PayPal?

Enrique Lores was appointed CEO effective March 1, Jamie Miller becomes interim CEO until then, and David Dorman assumes the role of independent chair immediately. Lores was PayPal's board chair since July 2024.

How did PayPal's stock react to the announcement?

PayPal shares fell 17.9% in premarket trading on Tuesday, with some reports citing about 16% decline; the stock has dropped around 80% over the past five years.

How did HP react to Lores's departure?

HP executives were blindsided by Enrique Lores's departure and launched an internal CEO search, though spokespersons for both HP and PayPal declined to comment.

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20d ago

PayPal Appoints HP's Enrique Lores As CEO, Ousting Alex Chriss

PayPal names Enrique Lores CEO effective March 1 after missing fourth-quarter targets and a 17.9% premarket share drop.

Overview

A summary of the key points of this story verified across multiple sources.

PayPal's board appointed Enrique Lores, PayPal's board chair since July 2024 and former HP Inc. president and CEO, as CEO and president effective March 1, replacing Alex Chriss, the company said.

The change follows PayPal's fourth-quarter report showing adjusted earnings of $1.23 per share on $8.68 billion in revenue and a forecast of lower first-quarter profit, which the board cited when criticizing execution, PayPal said.

People familiar with HP Inc.'s board said HP executives were blindsided by Lores's departure and launched an internal search, while HP and PayPal spokespersons declined to comment.

PayPal shares fell 17.9% in premarket trading on Tuesday, though some outlets reported a roughly 16% decline, and the stock has fallen about 80% over the past five years, trading data show.

Jamie Miller, PayPal's chief financial and operating officer, will serve as interim CEO until Lores assumes the role on March 1, and David Dorman will serve as independent chair effective immediately, the company said, as investors watch upcoming quarterly guidance.

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Analysis

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Center-leaning sources frame the story as abrupt and insider-driven, emphasizing board impatience and underperformance. Editorial choices—loaded verbs ('booting', 'blindsided'), highlighted stock declines, anonymous 'people familiar' reports, and parallels to other chair-to-CEO swaps—prioritize a narrative of sudden disruption while giving limited space to PayPal/HP rebuttals or structural explanations.

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: Enrique Lores is the former President and CEO of HP Inc. since November 2019, with a 35-year career at HP starting as an intern in 1989. He holds a degree in electrical engineering from Polytechnic University of Valencia and an MBA from ESADE Business School, and has led key initiatives like the 2015 HP split.
Sources:
Wikipedia
: Alex Chriss was replaced after PayPal missed fourth-quarter targets, reporting adjusted earnings of $1.23 per share on $8.68 billion revenue and forecasting lower first-quarter profit, which the board criticized as poor execution.
Sources:
MarketScreener
: Enrique Lores was appointed CEO effective March 1, Jamie Miller becomes interim CEO until then, and David Dorman assumes the role of independent chair immediately. Lores was PayPal's board chair since July 2024.
Sources:
Economic Club of Washington DC
: PayPal shares fell 17.9% in premarket trading on Tuesday, with some reports citing about 16% decline; the stock has dropped around 80% over the past five years.
Sources:
MarketScreener
: HP executives were blindsided by Enrique Lores's departure and launched an internal CEO search, though spokespersons for both HP and PayPal declined to comment.
Sources:
HP Inc.