PayPal Hires HP's Enrique Lores as New CEO Amidst Leadership Changes and Market Concerns
PayPal announced Tuesday that Enrique Lores, current chair of PayPal's board, will become the company's new CEO and President, replacing Alex Chriss. According to TechCrunch, the decision to appoint Lores, who has served as chair since July 2024, was driven by the board's assessment that PayPal's "pace of change and execution was not in line with the Board’s expectations given broader market trends."
Chriss, who joined PayPal in September 2023 succeeding Dan Schulman, is being replaced after a relatively short tenure. Jamie Miller, PayPal's CFO and COO, will serve as interim CEO until Lores assumes the role. The leadership change coincides with PayPal's report of lower-than-expected revenue and profit in the fourth quarter, attributed to decreased consumer spending amidst a cost of living crisis and a softening labor market, according to TechCrunch.
In other news, venture capital firm Peak XV Partners is undergoing leadership changes as it focuses on AI investment and U.S. expansion, while maintaining India as its largest market. Managing Director Shailendra Singh told TechCrunch that the departures stemmed from an "internal disagreement" with senior partner Ashish Agrawal, leading to a mutual decision for him to leave. Partners Ishaan Mittal and Tejeshwi Sharma also chose to depart. Singh stated that Peak XV would not disclose specifics of the disagreement.
Meanwhile, India's Supreme Court has challenged Meta regarding WhatsApp's data privacy practices. The court questioned how WhatsApp monetizes personal data and warned Meta against infringing on the privacy rights of Indian users, TechCrunch reported. The comments came as Meta appealed a penalty related to WhatsApp's 2021 privacy policy. Judges raised concerns about the meaningfulness of user consent in a market where WhatsApp is a dominant communication platform with over 500 million users. The court questioned the commercial value of metadata generated by the platform and its potential use in Meta's advertising business.
In the energy sector, Vema Hydrogen is exploring hydrogen production for industrial use and data centers. The company completed a pilot project in Quebec to power industry with hydrogen produced from underground wells. According to TechCrunch, Vema drills wells in iron-rich rock regions, extracting hydrogen gas after treating the rock with water, heat, pressure, and catalysts. CEO Pierre Levin told TechCrunch that supplying the Quebec market, requiring about 100,000 tons per year, would only need "3 square kilometers." Vema's first pilot well is expected to produce several tons of hydrogen per day.
Finally, Avalanche is developing smaller-scale nuclear fusion technology. Co-founder and CEO Robin Langtry told TechCrunch that their approach involves a "desktop version of nuclear fusion," allowing for faster learning and iteration. Langtry stated, "We’re using the small size to learn quickly and iterate quickly." The company aims to contribute to the development of fusion power, which promises to provide clean heat and electricity by replicating the energy production process of the Sun.
Discussion
AI Experts & Community
Be the first to comment