HP CEO prints final page after six years, moves to PayPal
- Reference: 1770126891
- News link: https://www.theregister.co.uk/2026/02/03/enrique_lores_exits_hp/
- Source link:
In a double leadership shake-up, HP confirmed that Lores has stepped down as president, CEO, and board member to take the top executive role at PayPal, effective March 1, with the payments outfit lauding his "strong track record" and "disciplined execution."
HP CEO pay for 2024 = 261,658 toner cartridges [1]READ MORE
HP's board immediately installed Bruce Broussard as interim CEO. A board member since 2021, Broussard is a seasoned corporate hand best known outside tech for more than a decade running healthcare giant Humana and earlier leadership roles at US Oncology. HP said it has engaged a global search firm to find a permanent chief.
"Disciplined execution is delivering consistent progress in a dynamic environment," said HP chair Chip Bergh in a statement that could have doubled as a year-end earnings memo. "We believe we have the right strategy in place, and Bruce is the right leader to move HP forward while we identify our next CEO."
Broussard struck the expected CEO-in-waiting tone, saying HP's "relentless commitment to empowering people and businesses" positions the company well as it advances its "One HP" strategy amid complex macro and hardware markets.
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Lores, an HP veteran who started as an intern and [3]ascended to the corner office in late 2019 , oversaw the company's push to reframe itself as an AI-focused workplace tech company while defending its core PC and print franchises – [4]including its bid to make printing a subscription .
[5]
[6]
His tenure played out against a tough hardware market and a broader switch toward AI-enabled products and services – pressures that were laid bare in HP's Q4 results, where the company flagged a restructuring plan that could [7]cut between 4,000 and 6,000 jobs by 2028 .
[8]Memory shortage could push PC shipments to pre-pandemic lows
[9]Please tell us Reg: Why are AI PC sales slower than expected?
[10]HP Inc settles printer toner lockout lawsuit with a promise to make firmware updates optional
[11]Profit slide at HP can only mean one thing: Hammer time
When Lores took the top job in 2019, [12]HP was pulling in about $58.8 billion a year in revenue . Almost six years on, annual revenue sits lower, at roughly $55.3 billion. The journey has been anything but dull – even if the top line has ended up more or less where it started.
HP ditches 15-minute wait time policy due to 'feedback' [13]READ MORE
At PayPal, the board said it evaluated its competitive position before settling on Lores as the leader it believes can drive growth and execution. PayPal CFO and COO Jamie Miller will serve as interim CEO until Lores assumes the post.
The moves highlight an interesting cross-sector leap: a hardware CEO known for balancing legacy businesses with emerging services now helming a global digital payments platform facing its own set of growth challenges – PayPal has seen its stock tumble by more than 23 percent in the last three months.
For HP, the question is whether Broussard can steady a business still weighed down by soft PC demand and tight enterprise budgets – especially when annual revenue is now lower than it was when Lores took over in 2019 despite years of restructuring and reinvention. ®
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[1] https://www.theregister.com/2025/02/26/hp_ceo_pay_for_2024/
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2aYIptFhzYlAHtEM-pbS3QAAAAEs&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[3] https://www.theregister.com/2019/08/22/hp_inc_q3_fy2019_ceo_quits/
[4] https://www.theregister.com/2024/01/19/hps_ceo_spells_it_out/
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44aYIptFhzYlAHtEM-pbS3QAAAAEs&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_onprem/personaltech&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33aYIptFhzYlAHtEM-pbS3QAAAAEs&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[7] https://www.theregister.com/2025/11/26/hp_inc_q4_2025/
[8] https://www.theregister.com/2026/01/13/idc_pc_sales_memory_shortage_effects/
[9] https://www.theregister.com/2025/06/04/ai_pc_sales_analysis/
[10] https://www.theregister.com/2025/03/19/hp_printer_lawsuit_settled/
[11] https://www.theregister.com/2025/02/28/hp_cuts_jobs_as_profits_slide/
[12] https://investor.hp.com/news-events/news/news-details/2019/HP-Inc-Reports-Fiscal-2019-Full-Year-and-Fourth-Quarter-Results/default.aspx?utm_source=chatgpt.com
[13] https://www.theregister.com/2025/02/21/hp_ditches_15_minute_wait_time_call_centers/
[14] https://whitepapers.theregister.com/
This doesn't sound anything like reg. In the last 10 years HP's consumer products went to shit. Scan sw that requires an account to function, autoupdating firmware that removes lots of features, crappy build quality...
The only thing HP is better that, say brother, is Linux usb drivers. HP uses ipp over usb which doesn't require any oem drivers, meanwhile brother provides binary compiled only for x64.
HP have gone from champions to do-not-buy for exactly the antics that you describe. Plus printers that are locked to 'genuine' (ridiculously expensive) cartridges. But scanning (locally) requiring an account was the final straw for me.
Given inflation the top line is also down 25% over his tenure, which is lot worse than being level. So in essence, over 6 years he's presided over falling sales, loss of workforce, and a significant enshittification of product lines. And that's at a company where he's a lifer. It seems quite heroic of the Paypal board to believe he'll be anything better than useless.
This article really isn't biting the hand that feeds, even if it deserves it.
Sheesh
Does this mean I should dump PayPal?
Interesting times at HP :o
In Nov 2025 HP CEO Enrique Lores announced plans to cut 4,000–6,000 jobs to achieve $1 billion in annual savings to fund AI adoption across product development, customer support, sales, manufacturing, and internal operations.
Will PayPal reject Enrique Lores ...
on the grounds that he is not a genuine exec of PayPal origin and then brick his PayPal account ?
Great Idea;
Have they considered replacing him with a third party CEO? They'll save loads of money, once they figure out how to sneak him in past security...
And how many millions did he get rewarded with for dropping HP's revenue by 3 billion per year?
Hoo boy! Turnover Redeux
Take a look at Broussard's reign at Humana, in the short time that they were my customer, no less than nine VPs were flipped in and out of their IT mgmt stack over customer facing tech.
It reminded me of the Leo/Meg days of HP. Has it returned?