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Tag: people moves

  • PayPal hires HP’s Enrique Lores as its new CEO | TechCrunch

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    PayPal said on Tuesday it is hiring HP’s Enrique Lores as its CEO and President, replacing current chief executive, Alex Chriss. Lores, who has been the chair of PayPal’s board since July 2024, will also take up the role of president.

    PayPal said the appointment was made because company’s pace of change and execution was “not in line with the Board’s expectations” given broader market trends.

    Chriss joined PayPal in September 2023 from Ituit, succeeding Dan Schulman. PayPal’s CFO and COO, Jamie Miller, will take over as interim CEO until Lores joins the company.

    The appointment comes as PayPal on Tuesday reported lower-than-expected revenue and profit in the fourth quarter, as consumer spending dipped amid a broader cost of living crisis and a softening labor market. The company also forecast a dip in its full-year profit, which surprised investors, as Wall Street had broadly expected the company to forecast growth instead.

    PayPal’s shares were down about 17.9% in premarket trading on Tuesday.

    Lores, who served as President and CEO of HP for over six years, said that apart from product innovation, PayPal will hold itself accountable for delivering quarterly accounts.

    “The payments industry is changing faster than ever, driven by new technologies, evolving regulations, an increasingly competitive landscape, and the rapid acceleration of AI that is reshaping commerce daily. PayPal sits at the center of this change, and I look forward to leading the team to accelerate the delivery of new innovations and to shape the future of digital payments and commerce,” Lores said in a statement.

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    Ivan Mehta

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  • xAI hires former Morgan Stanley banker Anthony Armstrong as CFO | TechCrunch

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    Elon Musk’s AI company, xAI, now has a new chief financial officer: Former Morgan Stanley banker Anthony Armstrong, the Financial Times reported, citing anonymous sources.

    Armstrong, who previously advised Musk during the Twitter deal, will oversee the finances of both xAI and X, which were merged in April, the report said. The former banker has been working with xAI for several weeks and was only recently appointed as CFO, the FT added.

    xAI has been without a CFO since its previous finance head, Mike Liberatore, left the company in July, and Armstrong’s appointment follows a slate of high-profile executive departures at both xAI and X.

    xAI’s general counsel, Robert Keele, left the company in August after a little more than a year on the job. Raghu Rao, a senior lawyer, also departed around the same time, and Igor Babuschkin, one of xAI’s co-founders, in August said he was leaving the company to launch his own VC firm dedicated to AI safety research. Linda Yaccarino, former CEO of X, also resigned in July.

    Armstrong will take over from X’s current CFO, Mahmoud Reza Banki, who is leaving the company, the FT reported.

    xAI did not immediately return a request for comment.

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    Ram Iyer

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