"PayPal is replacing its CEO Alex Chriss with HP's top executive Enrique Lores. The board cited insufficient pace of change over the past two years, but gave little more explanation. Lores will take the helm on March 1, 2025. Bruce Broussard is stepping in as interim CEO for HP. PayPal announced Tuesday that it's bringing in new leadership following what the board described as underwhelming progress. Chriss, who joined from Intuit in 2023, led initiatives to monetize Venmo and expand Buy Now Pay Later services."
"Lores may be best known for his HP role, but he has served on PayPal's board for nearly five years and became chair last July. He spent over six years leading HP before stepping down this week to take on his new role. The timing coincides with PayPal's fourth-quarter earnings release, which showed net income jumping 28 percent to $1.44 billion. Yet revenue growth of just 4% to $8.68 billion missed analyst forecasts."
PayPal will replace CEO Alex Chriss with Enrique Lores, effective March 1, 2025, after the board concluded change progressed too slowly over two years. Lores served on PayPal's board for nearly five years, became chair last July, and led HP as CEO for over six years before stepping down. Bruce Broussard will act as interim CEO at HP. PayPal's fourth-quarter results showed net income up 28% to $1.44 billion while revenue rose 4% to $8.68 billion, missing forecasts. Full-year revenue reached $31.8 billion, payment volume $1.68 trillion, and active accounts increased to 434 million. Lores emphasized accelerating innovation amid AI-driven shifts and intensifying competition.
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