PayPal Announces Leadership Change Amid Earnings Miss

PayPal has announced a leadership transition following a disappointing earnings report. According to PANews, the company revealed that CEO Alex Chriss will be replaced by HP's CEO Enrique Lores. Ahead of this change, PayPal's stock saw a pre-market drop of 16%. Before Lores officially takes over on March 1, CFO Jamie Miller will serve as interim CEO. The company's fourth-quarter earnings fell short of expectations, citing weak U.S. retail spending and challenges in international markets. Additionally, PayPal's online checkout business growth slowed to 1%, a significant decrease from 6% a year earlier. The fourth-quarter earnings per share were reported at $1.23, with total revenue reaching $8.68 billion, both figures falling below analyst predictions.