HP CEO Enrique Lores quits in shock move, will take PayPal top job

• Enrique CEO steps down as HP CEO, immediately moves over to become PayPal CEO
• Alex Chriss leaves PayPal after two and a half years as leader
• HP is now looking for a new CEO

HP CEO Enrique Lores has stepped down from his position at the company, and will be moving over to PayPal with effect from March 1, 2026.

Lores will take over at PayPal from Alex Chriss, who has been in the role for a little over two and a half years.

Although the move may come as a shock, Lores already had ties with 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 in line with [its] expectations."

Lores has already been responsible for leading major changes over at HP, where he turned the company toward the direction of services and subscriptions.

"It has been an honor to lead HP through its evolution into an AI-driven 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 AI that is reshaping commerce daily," he explained speaking for PayPal, promising to "accelerate the delivery of new innovations."

On the HP side of things, board member Bruce Broussard has been appointed Interim CEO with immediate effect as the company seeks a new leader.

"Now is the right time to make a transition to a seasoned leader who can take the company through its next phase of transformation," former PayPal CEO Chriss added. It's unclear where Chriss is headed after this role.

With PayPal already recently making some product changes, including relaunching in the UK with new services, we can expect big things moving forward.

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