HP CEO Enrique Lores is stepping down to take over as PayPal's leader, effective March 1. His departure comes as a surprise to HP, where he has worked for 36 years, and occurs during a challenging time for the PC market due to rising memory prices. Bruce Broussard has been named interim CEO while HP searches for a permanent replacement.

PayPal has hired Enrique Lores, previously the chair of its board, as CEO to replace Alex Chriss. This change follows disappointing fourth-quarter earnings and a need for stronger execution amid shifting market conditions.