PayPal (PYPL) Appoints New CEO Following Profit Shortfall

PayPal (PYPL) has named Enrique Lores as its new Chief Executive Officer, replacing Alex Chriss. This decision comes after Chriss’s turnaround strategy failed to achieve its expected outcomes.

Leadership Changes at PayPal

Enrique Lores previously served as the CEO of HP Inc. His extensive experience in managing large corporations is expected to guide PayPal through its current challenges.

Impact of CEO Change

• The announcement of Lores’s appointment led to a significant drop in PayPal’s stock price, falling up to 19%.
• This decline marks the largest intraday drop in over four years for the company.

Financial Performance

In conjunction with the leadership change, PayPal released disappointing financial results for the fourth quarter. The profit and revenue figures missed analysts’ expectations, further impacting investor confidence.

Investors are keenly watching how Lores will navigate the intricate payments business and improve its financial performance going forward.