HP CEO Enrique Lores is leaving the company to take over as CEO of PayPal, effective March 1. His departure was unexpected, with reports indicating that HP's board was blindsided by the news, which Lores communicated only recently. He has been with HP for 36 years, starting as an engineering intern, and has led the company since 2019. In the interim, board member Bruce Broussard has been named as the acting CEO while HP searches for a permanent replacement. Lores's move comes at a challenging time for HP, as the PC market faces difficulties due to a memory shortage that has driven up prices for RAM, storage, and graphics cards. Despite having a stockpile of memory, Lores had warned that rising prices could impact HP's margins, forcing the company to adjust pricing strategies and memory configurations. Last year, HP held a 20% market share, making it the second-largest PC vendor after Lenovo. Meanwhile, PayPal has parted ways with its previous CEO, Alex Chriss, citing a disconnect between the pace of change and the board's expectations. Lores's role at PayPal is not entirely new; he has served on its board for nearly five years.