PayPal CEO Alex Chriss Steps Down After Two Years, CFO Jamie Miller Named Interim CEO
Payment processing giant PayPal announced Tuesday that CEO Alex Chriss was stepping down after two and a half years in the role. According to Fortune, Chief Financial and Operating Officer Jamie Miller will serve as interim CEO. The move comes amid shareholder frustration, as PayPal's stock has fallen roughly 80% from its value five years ago.
The board of directors cited the pace of execution falling short of expectations as the reason for the leadership change, a statement that "often precedes leadership resets focused on operational discipline," Fortune reported. The company also projected lower earnings for 2026. Enrique Lores, CEO of HP Inc., is set to take over on March 1.
In other business news, former Cohere executives Sara Hooker and Sudip Roy secured $50 million in seed funding for their new startup, Adaption Labs, Fortune reported. Hooker, previously vice president of research at AI company Cohere and a veteran of Google DeepMind, and Roy, who was previously director of inference computing at Cohere, are aiming to create AI systems that use less computing power and cost less to run than current leading AI models. The funding round was led by Emergence Capital Partners, with participation from Mozilla.
Meanwhile, San Francisco Mayor Daniel Lurie, an heir to the Levi Strauss family fortune, has been working to revitalize the city's economy since taking office in 2025, according to Fortune. Lurie, previously known for his philanthropic work, leveraged his connections to boost the city's reputation and economy following a slow recovery from the pandemic. As chairman of the city's host committee in 2013, Lurie persuaded the NFL to hold Super Bowl when Levi’s Stadium was under construction.
In Washington, D.C., two top-ranking Senate Democrats criticized the Trump administration for allegedly playing favorites with tariffs, NPR reported. Senators Ron Wyden, D-Ore., and Chris Van Hollen, D-Md., claimed the administration gave trade relief to big companies whose CEOs were close to the president.
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