Enrique Lores, president and global CEO of HP for more than six years, is leaving the company to take up a similar position at online payment giant PayPal on March 1. In his place, on an interim basis for the time being, Bruce Broussard, a member of the company’s board of directors since 2021, has already been appointed CEO of the technology company, although the company said in a statement that it is already looking for a permanent replacement for the Spanish executive.

“As Interim CEO, Mr. Broussard will advance the company’s strategic priorities by leveraging his proven operational, financial, and business management expertise as well as his deep knowledge of HP’s business,” the statement said, noting that Broussard is an executive with more than 30 years of experience in leadership positions at publicly traded companies, such as healthcare company Humana.

Lores is no stranger to PayPal, having served on its board of directors for nearly five years and as its chairman since July 2024. The Spaniard replaces former CEO Alex Chriss, who leaves the company in a delicate situation; in fact, the group has just announced a 15% drop in revenue in its last fiscal quarter. Furthermore, Lores’ appointment, as reported in a statement issued today by PayPal, “follows a detailed evaluation conducted by the Board of Directors on the current position of the company relative to its competition and the broader industry landscape. While some progress has been made in a number of areas over the last two years, the pace of change and execution was not in line with the Board’s expectations. The Board is confident that the appointment of Lores, a seasoned executive with more than three decades of technology and commercial experience, will provide the leadership necessary to lead PayPal into its next chapter.”

American dream

Enrique Lores is one of those paradigmatic cases of the long-awaited ‘American dream’ that argues that anyone can achieve success through hard work. Lores, born in Madrid and an electrical engineer from the Polytechnic University of Valencia, from which he was awarded an honorary doctorate in 2024 for his professional career, began his professional activity at HP in 1989, 36 years ago. He started as an intern, but gradually rose to positions of importance in the fields of printing, personal systems, and business and industrial solutions.

Even in 2015, when the historic company made the decision to split into two companies, one focused on personal devices (PCs) and printing and the other, called HPE, on systems and infrastructure for businesses, it was Lores himself who led the Separation Management Office. More than six years ago, he became the president and CEO of HP. Under his leadership, he had to deal with issues such as an attempted takeover by competitor Xerox, which ultimately did not go through. In recent years, the executive has worked to adapt the PC world to advances in artificial intelligence. According to Gartner data for 2025, HP is the second-largest player in the global PC market, with a 21.5% share, surpassed only by Lenovo (27.2%) and followed by Dell Technologies (16.5%). In the field of printing, according to data from IDC, Gartner, and Canalys, the company is number one in the world.

Lores, one of the highest paid in the entire technology industry, announced his new professional direction today on his LinkedIn account. “I first joined HP 36 years ago as an intern engineer. Since then, HP has become part of my identity and my family’s history: my wife Rocío and I built our life in Palo Alto so that I could be part of the HP team, and my three children have only known life with HP,” he writes on the social platform, where he summarizes his professional career.

HP, he notes, has given him “the opportunity to grow tremendously.” A company, he emphasizes, that he defines as “its people.” “HP is a true school of talent, guided by a culture of innovation, collaboration, and shared dedication to making a positive impact. I am incredibly proud of what the HP team has achieved, and I have every confidence that Bruce Broussard and the incredible HP leadership team will propel the company forward and lead the future of work.”

He says he is looking forward to the “unique opportunity to serve as CEO of PayPal and have a lasting impact on the global payments industry.” “I am excited to get started, knowing that I am leaving behind a team that will drive HP’s success.”

Along with the changes at the top, the HP team has again reported its forecasts for the first quarter of its fiscal year and its full fiscal year 2026. The company expects diluted earnings per share under generally accepted accounting principles (GAAP) of between $0.58 and $0.66, and non-GAAP diluted earnings per share of between $0.73 and $0.81. For fiscal year 2026, HP continues to expect GAAP diluted net earnings per share of $2.47 to $2.77 and non-GAAP diluted net earnings per share of $2.90 to $3.20. For fiscal year 2026, HP expects to generate free cash flow of between $2.8 billion and $3 billion.