Enrique Lores will become CEO of PayPal on March 1, replacing Alex Chriss. Lores, who led HP for six years, plans to focus on areas like Venmo and branded checkout to improve performance. Shares dropped 15% after the announcement. Lores previously defended HP from a hostile takeover and led the company into AI computing.

Chriss, who has been leading PayPal since 2023, has faced stock lagging issues. Under his watch, shares dropped 11% compared to a 63% gain in the S&P 500. Rivals like Stripe and Revolut have higher valuations. PayPal’s market cap is $50 billion.

PayPal has made strategic partnerships, enabling Amazon and Shopify Payments to use its services. It also allows US merchants to invest in crypto. The company has changed its logo and started new initiatives like supporting the launch of Copilot Checkout from Microsoft. CEO Lores emphasizes growth and investment over cost-saving.

Read more at Yahoo Finance: HP CEO Enrique Lores reveals why he is leaving to be the CEO of PayPal