PayPal replaces CEO Chriss with HP's Lores

Leadership Changes - PayPal is replacing CEO Alex Chriss with Enrique Lores due to the company's pace of change and execution not meeting board expectations over the past two years [1] - Lores has been a PayPal board member for almost five years and has served as board Chair since July 2024, previously holding the position of president and CEO of HP Inc. for over six years [1][2] - Lores will officially take over as CEO on March 1, with Jamie Miller serving as interim CEO until then [3] Industry Context - The payments industry is undergoing rapid changes driven by new technologies, evolving regulations, and increased competition, with AI significantly reshaping commerce [2] - Lores expressed his commitment to leading PayPal in accelerating innovation and shaping the future of digital payments and commerce [2] Financial Performance - PayPal reported its fourth-quarter results, posting an adjusted profit of $1.23 per share on revenue of $8.68 billion, which fell short of analyst expectations of $1.29 per share on revenue of $8.77 billion [4] - The company has forecasted lower profit for the first quarter, leading to a 16% drop in shares before the market opened [4]