PayPal is appointing CFO and COO Jamie Miller as interim CEO until March 1.

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PayPal appointed HP's Enrique Lores as its new CEO, replacing Alex Chriss after less than two years. The board cited insufficient pace of change and execution amid disappointing Q4 results showing lower-than-expected revenue and profit. CFO Jamie Miller serves as interim CEO until Lores joins March 1. PayPal shares dropped 17.9% in premarket trading following the announcement and weak earnings forecast.

PayPal hires HP's Enrique Lores as its new CEO

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