HP CEO Enrique Lores reveals why he is leaving to be the CEO of PayPal

PayPal (PYPL) said connected Tuesday that its chair, Enrique Lores, volition instrumentality implicit arsenic CEO of the payments services institution connected March 1.

Lores has been the CEO of machine and printer elephantine HP for six years. He volition regenerate Alex Chriss arsenic CEO of PayPal, the institution said alongside the merchandise of its 4th fourth net report.

"I deliberation PayPal has a large future. We request to amended execution and marque much advancement successful the initiatives that we person successful place. And this is going to beryllium my extremity going into the adjacent year," Lores told Yahoo Finance by phone.

"I deliberation it's truly improving oregon maintaining the momentum that we person successful areas similar Venmo oregon bargain now, wage later," Lores said of his contiguous priorities. "However, we request to amended our show and turn our stock successful branded checkout. This is the halfway concern of the institution and we person not been capable to marque the advancement we wanted."

Shares of PayPal tumbled implicit 15% successful premarket trading pursuing the net merchandise and CEO news.

This volition beryllium a large displacement for Lores, who joined HP arsenic an engineering intern successful 1989. However, Lores is undeniably battle-tested.

He took implicit arsenic HP CEO connected Nov. 1, 2019, aft helping respective years earlier to pb the separation of HP from Hewlett Packard Enterprise (HPE). He rapidly had to support the institution against a $35 cardinal hostile takeover bid from rival Xerox (XRX).

After doing that, helium began to overhaul HP's concern and chopped costs close successful the mediate of the pandemic. Now, helium has taken HP into the epoch of AI computing.

Chriss has been officially starring PayPal since Sept. 27, 2023. He was handpicked by past PayPal president John Donahoe to regenerate his person and long-time PayPal CEO Dan Schulman (who has since assumed the relation of Verizon (VZ) CEO). Lores was appointed PayPal seat connected July 24, 2024.

The first-time CEO Chriss honed his trade during a 19-year tally astatine TurboTax genitor Intuit (INTU), wherever helium oversaw its lucrative tiny concern segment. He played a cardinal relation successful Intuit's $12 cardinal acquisition of MailChimp successful 2021, its largest woody ever made.

Chriss moved accelerated to overhaul the full enactment team, bringing successful outsiders specified arsenic erstwhile General Electric (GE) CFO Jamie Miller. Once the caller C-suite was rounded out, helium chopped projects to absorption the squad connected bigger bets and moving quicker.

He besides inked a bid of partnerships.

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