Good morning. Turnover at Fortune 500 companies continues, with PayPal providing the latest example of boards turning to financial leadership in times of stress.
The payments giant announced on Tuesday that CEO Alex Chriss has resigned after two and a half years on the job. Enrique Lores, CEO HP Inc. is scheduled to take over on March 1. Jamie Miller, PayPal’s chief financial and operating officer, will serve as interim CEO.
The move follows continued shareholder dissatisfaction. PayPal shares are down about 80% from five years ago, and the company on Tuesday forecast lower profits in 2026. wealth report. In announcing the change, the board noted that the pace of execution was not as fast as expected – a common refrain before a leadership reshuffle focused on operating discipline and capital performance.
Miller’s appointment reflects broader governance trends. According to Crist Kolder Associates 2025 Volatility ReportLast year, the percentage of CFOs at Fortune 500 and S&P 500 companies who were promoted to CEO reached its highest level in a decade, reaching 10.26%, up from 6.15% in 2015. All of these promotions are internal, underscoring boards’ growing preference for leaders with deep institutional knowledge and financial credibility.
At PayPal, Miller’s remit was expanded to include the role of chief operating officer in 2025, a combination increasingly used to test the CFO’s broader corporate leadership capabilities. She was appointed chief financial officer in 2023 and previously served as Ernst & Young and chief financial officer Cargilland spent more than ten years General Electricincluding serving as chief financial officer and chief executive officer of GE Transportation.
David W. Dorman, PayPal’s newly appointed independent board chairman, said in a statement that Lores has led HP for more than six years and has served on the PayPal board since 2021 and has experience driving complex transformations and rigorous execution.
For concerned CFOs, PayPal’s transformation is another reminder that in times of volatility, boards often first look to financial leadership, whether interim or permanent, to stabilize the business and reset performance expectations.
Cheryl Estrada
sheryl.estrada@fortune.com
Ranking list
Sandeep “Sonu” Singh Joel Appointed Executive Vice President, Chief Financial Officer and Treasurer environmental energy company (NYSE American: REI), effective February 27. Johl has over 20 years of experience. From 2020 to January 2026, he served as Managing Director and Co-Head of Energy Investment Banking at Raymond James & Associates, Inc. Prior to that, he served as Managing Director and Co-Head of Exploration and Production in the Global Energy Group at UBS Investment Bank.
Chen Jialun Negative Promoted to CFO Deswell Industries (NASDAQ: DSWL ), effective February 2. Chan succeeds Herman Wong, who resigned to pursue other interests. Chan has more than 20 years of financial experience. She first joined Deswell in 2004 and spent four years as Finance and Administration Manager at a key subsidiary. Ms. Chan subsequently gained expertise in senior financial positions in other Hong Kong listed companies, most recently as Chief Financial Officer of Xinxun Technology Group Limited.
event
Morgan Stanley’s E*TRADE monthly analysis found that the three most bought sectors in January were utilities (+2.97%), financials (+2.33%) and technology (+2.13%). Meanwhile, the sectors with the most net sales were consumer staples (-5.44%), real estate (-3.76%) and energy (-2.64%). This data reflects net buy/sell activity for S&P 500 Index sectors on the platform.
“As has been the case in recent months, some activity from utilities appears to be less defensive and more ‘risk-on’ buying of alternative energy stocks tied to the AI data center boom,” Chris Larkin, managing director of trading and investments, said in a statement. “Trading in two other areas highlighted a potential contrarian bias last month – clients were net buyers of financial stocks (the weakest sector in the S&P 500) and net sellers of energy stocks (which was the S&P 500’s weakest sector). The weakest sector in the index).”
Additionally, he noted that trading in the technology sector shows clients are more active investing in semiconductor stocks than in the market’s large artificial intelligence stocks.
go deeper
It turned out to be Announce Josh D’Amaro was named CEO of The Walt Disney Company on Tuesday (No. 46 Fortune 500), effective at the upcoming annual meeting on March 18. D’Amaro will succeed longtime Disney CEO Robert A. Iger. D’Amaro is a 28-year Disney veteran who currently serves as chairman of Disney Experience.
“New Disney CEO Josh D’Amaro had planned to be a sculptor. His admission of ‘I don’t know’ was one of the most important words of his career” wealth article By Preston Foer.
“D’Amaro has spent nearly three decades climbing the Mickey Mouse corporate ladder, but taking over Main Street U.S.A. wasn’t always part of the plan. The 54-year-old D’Amaro said uncertainty, not a master plan, has guided much of his career,” he wrote. You can read more here.
In addition, every Friday morning, the weekly Fortune 500 Power Moves column tracks changes in the C-suite of Fortune 500 companies—View the latest version.
overheard
“Western multinationals must now redesign themselves for a world of unstable alliances, fluctuating currencies and inconsistent allies. This will require decisions that many companies have put off for too long.”
— CEO and board advisor Ram Charan wrote in an article wealth Opinion draft Titled “What happened in Davos is a warning to CEOs: Their companies are designed for a world that no longer exists.” Charan is the author of the forthcoming book, China 90% model.