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Good morning. The turnover continues in the Fortune 500, with PayPal offering the latest example of boards returning to financial leadership in times while under pressure.
The payments giant announced Tuesday that CEO Alex Chriss is stepping down after two and a half years. Enrique Lores, CEO of HP Inc., is set to take over on March 1. PayPal’s chief financial and operating officer, Jamie Miller, will serve as interim CEO.
The move follows continued shareholder discontent. PayPal stock is down nearly 80% from five years ago, and the company on Tuesday projected lower earnings for 2026, luck reported. In announcing the change, the board cited the pace of execution as falling short of expectations—language that often precedes a leadership reset focused on operational discipline and capital performance.
Miller’s appointment reflects a broader management trend. According to Crist Kolder Associates’ 2025 Change ReportCFO-to-CEO promotions in Fortune 500 and S&P 500 companies reached a decade high of 10.26% last year, up from 6.15% in 2015. All such promotions are internal, highlighting the growing preference of boards for leaders with deep institutional knowledge and financial credibility.
At PayPal, Miller’s remit has been expanded by 2025 to include the role of chief operating officer, a combination increasingly used to test CFOs for broader business leadership. Appointed CFO in 2023, he previously served as global CFO of Hey and CFO of Cargilland spent more than a decade at General Electricincluding the CFO and CEO of GE Transportation.
Lores, who has led HP for more than six years and has served on PayPal’s board since 2021, has experience driving complex changes and disciplined execution, David W. Dorman, PayPal’s newly appointed independent board chair, said in a statement.
For CFOs looking, the move to PayPal is another reminder that in times of volatility, boards often look first to financial leadership, whether on an interim or permanent basis, to sustain the business and reset performance expectations.
cheryl Estrada
[email protected]
LeaderBoard-
Sundip “Sonu” Singh Johl appointed EVP, CFO, and treasurer of Ring Energy, Inc. (NYSE American: REI), effective February 27. Johl brings more than 20 years of experience. From 2020 to January 2026, he will be managing director, co-head of energy investment banking at Raymond James & Associates, Inc. Prior to that, he was managing director, co-head of E&P at UBS Investment Banking Global Energy Group.
Karen Chan Chi Yin promoted to CFO of Deswell Industries, Inc. (Nasdaq: DSWL), effective February 2. Chan succeeds Herman Wong, who resigned from the position to pursue other interests. Chan brings over 20 years of financial experience. He first joined Deswell in 2004, serving as finance and administration manager for a key subsidiary for four years. Chan has built his expertise in senior financial roles at other Hong Kong-listed companies, most recently holding the position of CFO at SIM Technology Group Ltd.
Great Deal
E*TRADE from Morgan Stanley’s monthly analysis found that the three most bought sectors in January were utilities (+2.97%), financials (+2.33%), and tech (+2.13%). Meanwhile, the sectors with the most net selling are consumer staples (-5.44%), real estate (-3.76%), and energy (-2.64%). The data shows net buy/sell activity in the S&P 500 sector platform.
“As has been the case in recent months, some of the activities in utilities appear to be less defensive and more ‘risk-on’ buying of alt-energy stocks related to the AI datacenter boom,” Chris Larkin, managing director of trading and investment, said in a statement. “Trades in two other areas highlighted a potential contrarian bend last month—clients were net buyers of financials, which were the weakest sector in the S&P 500, and net sellers of energy, which was the strongest.”
Additionally, trading in the tech sector shows that clients are more active in semiconductor stocks than in megacap AI market names, he said.
deepened
That was it Office has partnered on Tuesday that Josh D’Amaro was appointed CEO of The Walt Disney Company (No. 46 of the Fortune 500), effective at the upcoming annual meeting on March 18. D’Amaro will succeed longtime Disney CEO Robert A. Iger. A 28-year Disney veteran, D’Amaro is currently chairman of Disney Experiences.
“Disney’s new CEO Josh D’Amaro once planned to become a sculptor. He admits that ‘I don’t know’ was one of the most important phrases of his career” luck article by Preston Fore.
“D’Amaro spent nearly three decades climbing the Mickey Mouse corporate ladder, but taking over Main Street USA wasn’t always part of the plan. The 54-year-old said uncertainty, not a master plan, has guided much of his career,” he wrote. You can read more here.
Also, every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite moves—see the latest edition.
Heard
“Western multinational corporations must now redesign for a world where alignment is fluid, currencies are volatile, and allies do not move in step.
—Ram Charan, an advisor to CEOs and boards, writes in a luck opinion piece 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 upcoming book, 90% Chinese Model.
