PayPal hires HP's Enrique Lores as its new CEO

Core Insights - PayPal has appointed Enrique Lores as its new CEO and President, replacing Alex Chriss, due to the company's performance not meeting the Board's expectations amid market trends [1][3] - The appointment follows a disappointing fourth-quarter report where PayPal's revenue and profit fell short of expectations, attributed to decreased consumer spending and a challenging economic environment [3] - Lores, previously the President and CEO of HP, emphasized the need for accountability in delivering quarterly results alongside product innovation [4] Company Performance - PayPal reported lower-than-expected revenue and profit for the fourth quarter, surprising investors who anticipated growth [3] - The company has forecasted a decline in its full-year profit, which has negatively impacted its stock, leading to a 17.9% drop in premarket trading [3] Industry Context - The payments industry is undergoing rapid changes driven by new technologies, evolving regulations, and increased competition, with AI playing a significant role in reshaping commerce [5] - Lores expressed a commitment to leading PayPal in accelerating innovation and shaping the future of digital payments and commerce [5]