HP CEO Enrique Lores announced his resignation on LinkedIn on Tuesday, February 3 evening. In his post, Lores said he was leaving HP to lead PayPal.
This decision is quite surprising because Lores has worked at HP for 36 years. He started his career as an intern in the engineering department until he was eventually chosen as CEO in 2019.
"This morning, we announced that I will resign as President and CEO of HP, effective today, to serve as CEO of PayPal," Lores said in his LinkedIn post, quoted on Wednesday, February 4.
Apparently, this decision was taken quite suddenly because Semafor reported that the board of directors was surprised by the decision. Lores also only communicated his decision in recent weeks.
Before Lores officially left the company, HP appointed Bruce Broussard as interim CEO. The company is now looking for a new executive to lead the world's second largest PC manufacturer.
On the other hand, PayPal just fired its CEO Alex Chriss, because he was considered to be less quick in executing changes. Lores is considered the right figure because he has been on the PayPal board of directors for almost five years.
Lores left the HP at a time when the industry is facing a tough challenge due to the memory supply crisis. The rise in RAM and storage component prices is predicted to put pressure on the company's profit margins in the near future.
Although it was difficult to leave the company he loved, Lores admitted that he was very enthusiastic about the new challenges in the global payment industry. He will start his new role as the leader of PayPal starting March 1.
"The unique opportunity to serve as CEO of PayPal and make a lasting impact on the global payments industry evokes the same feeling for me. I'm excited to get started," said Lores.
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