PayPal poached HP's Enrique Lores to become CEO, and HP appoints Bruce Broussard as interim CEO

IT Home, February 3rd — PayPal today announced its latest financial report and revealed that its board of directors has appointed Enrique Lores as President and CEO of the company, effective March 1, 2026.

Lores has served on PayPal’s board for nearly five years and has been Chairman since July 2024. He will succeed the current CEO, Alex Chriss.

During the transition period, PayPal’s Chief Financial and Operating Officer Jamie Miller will serve as interim CEO until Lores officially takes over. Additionally, David W. Dorman has been appointed as Independent Chairman, effective immediately.

Since Enrique Lores has resigned from his roles as President and CEO of HP and as a board member, HP also announced the appointment of Bruce Broussard as interim CEO, effective immediately. Furthermore, HP will release its Q1 FY2026 financial results on February 24, 2026.

PayPal’s net revenue for Q4 2025 was $8.68 billion (IT Home note: approximately 60.343 billion RMB at current exchange rates), with an adjusted operating income of $1.55 billion (approximately 10.775 billion RMB at current exchange rates). PayPal expects capital expenditures of about $1 billion in 2026 (approximately 6.952 billion RMB at current exchange rates).

PayPal stated that this appointment was made after the board conducted an in-depth assessment of the company’s current competitive position and the overall industry environment. The board noted that, although the company has made progress in several areas over the past two years, the overall pace of transformation and execution has not met expectations. The board believes that Lores, a seasoned executive with over thirty years of experience in technology and business, will bring the leadership needed for PayPal to enter a new phase of development.

Before joining PayPal, Lores served as President and CEO of HP for over six years. During this period, he led the company through strategic transformation and innovation, expanding its business from traditional PC and printing into services, subscriptions, and future workplace solutions including AI. He was also a key driver behind the spin-off of HP and HPE, strengthening operational discipline and streamlining cost structures, laying a foundation for long-term innovation.

The board also expressed gratitude for the contributions of former CEO Alex Chriss over the past two and a half years, including driving Venmo monetization and expanding the “Buy Now, Pay Later” business. During his tenure, he prioritized customer-centricity and made progress in modernizing the PayPal platform.