- Enrique CEO quits as HP CEO, moves immediately to become PayPal CEO
- Alex Chriss is leaving PayPal after two and a half years as head
- HP is now looking for a new CEO
HP CEO Enrique Lores has stepped down from his position at the company and will move to PayPal effective March 1, 2026.
Lores takes over at PayPal from Alex Chriss, who has been in the role for just over two and a half years.
While the move may come as a shock, Lores already had ties to the fintech company, serving as a PayPal board member for nearly five years.
Enrique Lores moves from HP to PayPal
In a statement, the board explained that the leadership change followed concerns that PayPal’s “pace of change and execution was not consistent with [its] expectations.”
Lores has already been responsible for leading major changes at HP, turning the company around towards services and subscriptions.
“It has been an honor to lead HP through its evolution into an AI-powered technology company that is redefining workplace solutions and connecting with customers globally,” Lores said in an HP statement.
“The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape and the rapid acceleration of artificial intelligence that is reshaping commerce every day,” he explained, speaking for PayPal, pledging to “accelerate the delivery of new innovations.”
On the HP side, board member Bruce Broussard has been named interim CEO, effective immediately, as the company searches for a new leader.
“Now is the right time to make a transition to an experienced leader who can take the company through its next phase of transformation,” added former PayPal executive Chriss. It’s unclear where Chriss is headed after this role.
As PayPal has already recently made some product changes, including relaunching in the UK with new services, we can expect big things to come.
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