Enrique Lores Exits HP After 36 Years, Begins a New Leadership Chapter at PayPal
After spending nearly four decades inside HP, shaping its strategy, culture, and leadership direction, Enrique Lores has stepped down as President and Chief Executive Officer of HP Inc. to take charge of PayPal, bringing an end to one of the longest-serving CEO tenures in the global technology industry.
In a detailed letter to employees shared on LinkedIn, Lores described the move as emotionally difficult, acknowledging that leaving HP after 36 years was “not easy,” and that the company had become inseparable from his personal and professional identity.
Effective immediately, Bruce Broussard, a member of HP’s Board of Directors since 2021, has been appointed Interim CEO, as the company initiates a global search for Lores’ successor.
“HP Is Woven Into My Identity”
Unlike most technology leaders who move across companies and industries, Lores built his entire professional career within HP. Joining as an engineering intern in 1989, he remained with the company through multiple leadership cycles, restructurings, and market disruptions.
In his farewell note, he reflected on how deeply HP had shaped his life. “HP is woven into my identity and my family story,” he wrote, recalling how his family’s life in Palo Alto evolved alongside his career.
Over the years, Lores accumulated experience across product management, regional operations, global sales, and business leadership, which later became central to his ability to lead the company through complex transitions.
Leadership Shaped by Experience, Not Titles
Lores’ letter offers rare insight into how his leadership philosophy evolved over time. He recalled learning the importance of innovation by launching products that replaced his own earlier work, understanding customer value through the first DesignJet, and gaining strategic perspective through acquisitions and global roles.
“I learned that leading a function is different than leading a business,” he wrote. “And that leading a company means earning trust.” These experiences, spread across continents and business units, formed the foundation of his disciplined and execution-focused leadership style.
Navigating Separation and Structural Change
One of the most demanding periods of Lores’ tenure was HP’s separation from Hewlett Packard Enterprise, a process that required redesigning operations, governance, and accountability structures. “Driving the company’s separation taught me what it means to redesign a company,” he noted.
As CEO, Lores focused on simplifying costs, strengthening financial controls, and aligning leadership around measurable priorities. His approach emphasized long-term stability over short-term gains.
Repositioning HP for a New Market Reality
During Lores’ tenure, HP confronted declining margins in traditional segments and rising competition from cloud-native and platform-led companies.
In response, he led the company’s shift toward services, subscriptions, AI-enabled systems, and integrated workplace solutions. “We diversified our business,” he wrote, pointing to the company’s expanded portfolio in digital print, managed services, and intelligent personal systems.
This strategy helped HP maintain relevance in enterprise and commercial markets while building recurring revenue streams.
“The Value of HP’s People Was at the Heart”
Throughout his message, Lores repeatedly emphasized people as the foundation of performance. “In every lesson I learned, the value of HP’s people were at the heart,” he wrote.
He described HP as a “school of talent,” highlighting the importance of leadership development and internal succession. Under his leadership, the company invested in managerial depth and organizational resilience, which is expected to play a key role during the current transition.
Confidence in the Transition
Lores expressed strong confidence in Bruce Broussard, who now assumes the role of Interim CEO. He described Broussard as a leader with “deep knowledge of HP’s business” and a reputation for integrity. The two will jointly address employees in upcoming internal meetings to reinforce continuity and alignment.
Why PayPal Turned to Lores
Lores’ move to PayPal comes at a critical time for the global payments company, which is navigating intensifying competition, regulatory scrutiny, and rapid technological change.
His experience in managing large-scale transformation, complex operations, and stakeholder relationships is expected to play a central role in PayPal’s next phase. “This opportunity sparks those same feelings for me,” Lores said, referring to innovation and reinvention.
Leaving with Gratitude, Not Distance
Despite the transition, Lores has committed to supporting HP during the handover and remaining available to leadership teams. “I will carry with me the many lessons I have learned here,” he wrote.
He also encouraged employees to continue pursuing innovation and collaboration beyond his tenure.
Closing a Defining Chapter
Enrique Lores’ departure marks the end of one of the most influential leadership chapters in HP’s modern history. From an engineering intern to global CEO, his journey reflects a rare blend of technical expertise, strategic foresight, and people-centric leadership.
As he prepares to take charge at PayPal, Lores leaves behind a transformed organization, equipped to navigate the next phase of digital, AI-driven, and workplace innovation. “I am grateful for my time at HP, and I will carry with me the many lessons I have learned here,” he concluded.
His legacy at HP will be remembered not only for business reinvention, but for building a culture of resilience, innovation, and long-term value creation.
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