Starting in March, the Spanish executive, who joined the company 36 years ago as an intern engineer, will assume his new position as CEO of PayPal, the renowned online payment platform. Bruce Broussard, an HP board member since 2021, will serve as his interim successor at the PC and printing behemoth.
Credit: Foundry
Enrique Lores, HP’s global CEO for over six years, is departing to become CEO of the online payment leader PayPal, effective March 1. Bruce Broussard, an existing member of HP’s board since 2021, has been named interim CEO of the tech firm. The company confirmed it is actively seeking a permanent successor for Lores.
According to the statement, “As Interim CEO, Mr. Broussard will propel the company’s strategic objectives forward, drawing on his established operational, financial, and business management proficiency, along with his extensive understanding of HP’s operations.” It also highlighted Broussard’s more than three decades of leadership experience at public companies, including healthcare provider Humana.
Lores is familiar with PayPal, having been on its board for nearly five years and serving as its chairman since July 2024. He steps in for Alex Chriss, the previous CEO, at a challenging time for the company, which recently reported a 15% decline in revenue for its latest fiscal quarter. PayPal’s statement today indicated that Lores’ selection “resulted from a thorough assessment by the Board of Directors concerning the company’s standing against competitors and the wider industry. Despite some advancements in various sectors over the past two years, the speed of transformation and implementation fell short of the Board’s expectations. The Board is convinced that Lores, a veteran leader with over thirty years of tech and commercial expertise, will furnish the guidance essential to steer PayPal into its forthcoming phase.”
American dream
Enrique Lores exemplifies the classic ‘American dream,’ demonstrating that diligent effort can lead to significant achievement. A Madrid native and electrical engineer from the Polytechnic University of Valencia (which granted him an honorary doctorate in 2024 for his career), Lores commenced his journey at HP in 1989, 36 years ago. Starting as an intern, he progressively advanced through key roles in printing, personal systems, and business/industrial solutions.
In 2015, when the venerable company decided to divide into two entities – one dedicated to personal devices (PCs) and printing, and the other, HPE, to business systems and infrastructure – Lores personally directed the Separation Management Office. Over six years ago, he ascended to become HP’s president and CEO. His tenure included navigating challenges like a failed takeover bid from competitor Xerox. More recently, Lores has focused on integrating artificial intelligence advancements into the PC sector. Gartner’s 2025 data positions HP as the world’s second-largest PC vendor with a 21.5% market share, trailing Lenovo (27.2%) and ahead of Dell Technologies (16.5%). In the printing domain, combining data from IDC, Gartner, and Canalys, HP holds the global top spot.
Lores, recognized as one of the tech industry’s top earners, revealed his career change today via his LinkedIn profile. He stated, “I first became part of HP 36 years ago as an intern engineer. From that point, HP has been integral to my identity and my family’s narrative: my wife Rocío and I established our lives in Palo Alto to be part of the HP collective, and my three children have always known life with HP.” On the platform, he also provided a summary of his professional journey.
He remarked that HP has offered him “an immense opportunity for growth.” He highlighted the company as being defined by “its people.” “HP stands as an authentic incubator of talent, driven by a culture of creativity, teamwork, and a collective commitment to creating meaningful change. I am profoundly proud of the accomplishments of the HP team, and I am entirely confident that Bruce Broussard and the exceptional HP leadership will advance the company and shape the trajectory of future work.”
Lores expressed his eagerness for the “distinctive chance to serve as PayPal’s CEO and make a lasting impression on the worldwide payments sector.” He added, “I am keen to begin, assured that I am departing a team poised to ensure HP’s continued triumph.”
Concurrent with these leadership transitions, HP has reiterated its financial outlook for both the upcoming fiscal first quarter and the entirety of fiscal year 2026. The company projects GAAP diluted earnings per share to range from $0.58 to $0.66, and non-GAAP diluted earnings per share between $0.73 and $0.81. For fiscal year 2026, HP maintains its expectation of GAAP diluted net earnings per share between $2.47 and $2.77, and non-GAAP diluted net earnings per share between $2.90 and $3.20. Furthermore, HP anticipates generating free cash flow of $2.8 billion to $3 billion for fiscal year 2026.
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