Enrique Lores, who has served as the president and CEO of HP for more than six years, is stepping down to take on a new role at PayPal. He will officially start as PayPal’s CEO on March 1. Meanwhile, HP has appointed Bruce Broussard as interim CEO while they search for a permanent replacement for Lores. Broussard has been on HP’s board of directors since 2021 and has extensive leadership experience from companies like Humana.

HP Leadership Changes and Strategic Direction

With Lores leaving, HP has already named Broussard as the interim CEO. The company’s statement highlights that he will focus on advancing HP’s strategic priorities by leveraging his operational and financial expertise. Broussard brings over 30 years of leadership experience in publicly traded companies, making him a strong choice during this transition period.

HP disclosed that they are actively seeking a permanent CEO to replace Lores. The company emphasized their commitment to maintaining stability and continuing to push forward with their growth plans. The leadership change comes at a critical time for HP, which is navigating a competitive market and evolving technology landscape.

PayPal Appoints Enrique Lores as New CEO

Enrique Lores has a long history with PayPal, having served on its board of directors for nearly five years and as chairman since July 2024. His appointment as CEO follows the recent departure of former CEO Alex Chriss, who left PayPal amid a challenging period for the company. PayPal recently reported a 15% revenue decline in its last fiscal quarter, signaling the need for strong leadership.

The PayPal board conducted a thorough review before selecting Lores, citing the need for a leader with extensive experience in technology and business. They believe his background will help steer the company into a new phase of growth and adaptation. Lores’ appointment is seen as a move to bring stability and strategic focus to PayPal’s operations.

The decision to bring in Lores follows a period of reflection at PayPal, where the board acknowledged that progress had been made but was not meeting expectations. His proven track record at HP, especially in managing major transitions and technological shifts, makes him a suitable choice to lead PayPal through its next chapter.

Enrique Lores’ Career and Achievements

Born in Madrid, Lores embodies the classic story of the American dream. An electrical engineer from the Polytechnic University of Valencia, he was awarded an honorary doctorate in 2024. Lores began his career at HP in 1989 as an intern and steadily climbed the ranks over the decades. His work spanned printing, personal systems, and industrial solutions.

In 2015, Lores played a key role in HP’s split into two companies: one focusing on personal devices like PCs and printers, and the other, HPE, on enterprise systems. He led the management team during this major transition. His leadership was also tested when HP faced an attempted takeover by Xerox, which was ultimately unsuccessful.

Over the years, Lores has been at the forefront of HP’s efforts to adapt to new technologies, including artificial intelligence. His long tenure and diverse experience have made him a respected figure in the tech industry. Now, he takes on the challenge of leading PayPal, aiming to help the company recover and grow in a tough environment.

Enrique Lores’ career reflects a journey of dedication and success, highlighting how perseverance and expertise can lead to top executive roles. His move to PayPal is seen as an opportunity for him to bring his strategic insight to a rapidly changing digital payments landscape.

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• https://www.computerworld.com/article/4126531/enrique-lores-leaves-hp-presidency-to-lead-paypal.html