PayPal Replaces CEO Alex Chriss with HP's Enrique Lores Amid Performance Concerns

• PayPal announced the replacement of CEO Alex Chriss with HP's Enrique Lores, citing unmet board expectations regarding the pace of change and execution over the past two years.
• Enrique Lores, a long-standing PayPal board member and current Chair, will assume the CEO role on March 1, bringing his experience as HP Inc.'s president and CEO.
• Lores emphasized the rapid evolution of the payments industry due to new technologies, regulations, competition, and AI, expressing his commitment to driving innovation at PayPal.
• PayPal's Q4 results showed an adjusted profit of $1.23 per share on $8.68 billion revenue, missing analyst expectations of $1.29 per share on $8.77 billion.
• The company also forecasted lower profit for the first quarter, leading to a 16% drop in shares before market open.

Why It Matters: PayPal appoints Enrique Lores as new CEO, replacing Alex Chriss, following missed financial targets and strategic shifts.