Overview
- Enrique Lores, PayPal’s board chair and longtime HP leader, will become CEO on March 1, with CFO/COO Jamie Miller serving as interim chief until then.
- Director David Dorman was named independent chair effective immediately as the company set a defined transition plan.
- PayPal reported adjusted Q4 earnings of $1.23 per share on revenue of $8.68 billion, missing Zacks’ estimates of $1.29 and $8.77 billion, and guided to lower first‑quarter profit.
- Shares fell roughly 16% in premarket trading, and TechCrunch reported the company also projected a full‑year profit dip that surprised investors.
- Semafor reported HP’s board was blindsided by Lores’ move and is weighing internal successors, and it remains unclear when or whether Lores recused himself from PayPal’s CEO selection process.