PayPal shares plunge after CEO announcement, profit miss

By Paige Smith, Bloomberg

PayPal Holdings Inc. said HP Inc. Chief Executive Officer Enrique Lores will take the top job from Alex Chriss, whose turnaround plan failed to meet targets and streamline the sprawling payments business.

The shares tumbled as much as 19%, the biggest intraday drop in more than four years, after the CEO announcement and a separate statement showing fourth-quarter profit and revenue missed analysts’ estimates.

Chriss, who was tapped in 2023 to replace longtime CEO Dan Schulman...