Kim Kahn

PayPal ousted CEO Alex Criss as it reported disappointing Q4 results, tapping HP chief executive Enrique Lórez as its new president and CEO starting March 1st.

PayPal is plunging on the leadership change, weak results, and soft guidance.

HP shares are also down.

PayPal's board said it decided to part ways with Chris after a detailed review of the company's position relative to competitors and the broader industry landscape.

Interim CEO Jamie Miller said, Our execution has not been where it needs to be, particularly in branded checkout.

For the quarter, results missed Wall Street expectations on both the top and bottom lines.

Total payment volume grew faster than forecast, but expenses climbed more than expected.

Net cash provided by operating activities also disappointed.

Over at HP, the company said Loras will be replaced by board member Bruce Broussard on an interim basis as it conducts a global search for a new CEO.

HP also reaffirmed its outlook for the first quarter and the full year.

Also this morning, Disney confirmed that Josh DeMauro, head of its Experiences unit, will succeed longtime top boss Bob Iger.

DeMauro has overseen major construction projects, including Star Wars Galaxy's Edge and the Marvel-themed Avengers Campus at Disneyland.

Seeking Off analyst Monty Sapir says the main thing a new CEO could do is push harder on cost cuts and hold each business line accountable for results.

He adds Disney may rethink where it puts its money, focusing on what's working and holding off on buybacks until cash flow improves.

Disney also said Dana Walden will become the next president and chief creative officer.

She's currently co-chair of Disney Entertainment, overseeing media, news, and content businesses globally, including streaming.

Among other active stocks, Pfizer is lower after reaffirming its full-year outlook, which indicates a revenue contraction in 2026 tied to nearly $1.5 billion of a hit from products losing market exclusivity.

Rambus is plunging after pointing to ongoing supply constraints, especially in memory, that could limit its ability to meet customer demand.

CFO Desmond Lynch said the one-time supply chain impact would probably have been around a low double-digit million hit in what's already been a seasonally soft quarter.

And PepsiCo raised its annual dividend 4% to $5.92 a share and also announced a new $10 billion buyback program.