HP Inc. CEO and President Enrique Lores has stepped down from his position and is leaving the company to lead PayPal as its next chief executive. With his departure, HP board member Bruce Broussard has become the PC and print giant’s interim CEO, effective immediately.
Lores announced the leadership shake-up on LinkedIn after sharing the news with HP’s employees.
The disclosure coincided with PayPal’s announcement that Lores, a five-year PayPal board member, would take over the financial tech firm as CEO from Alex Chriss.
In a statement, PayPal said that the switch-up had to come because the “pace of change and execution [under Chriss] was not in line with the board’s expectations”. Lores is expected to overhaul the payments company and ensure it maintains its leading position in the industry in the long-run, the company said.
Lores had joined HP as an intern nearly four decades ago. He orchestrated the split from HP Enterprise and took on the role of CEO in 2019. Semafor reported that Lores’ sudden move sent HP executives scurrying for a replacement.
In a statement yesterday (3 February), HP said that Lores stepped down as both board president and CEO to “pursue another professional opportunity”.
Bruce Broussard, a HP board member since 2021, has been appointed as interim CEO until a search committee identifies a successor. Broussard most recently served as the president and CEO of healthcare company Humana.
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