The executive suite at PayPal has seen a significant shake-up, with Jamie Miller, the company’s chief financial and operating officer, stepping into the role of interim CEO. This leadership change comes amidst considerable shareholder dissatisfaction, as PayPal’s stock has experienced an approximate 80% decline over the past five years. Alex Chriss, who served as CEO for two and a half years, is departing, and Enrique Lores, currently the CEO of HP Inc. and a PayPal board member since 2021, is slated to assume the permanent CEO position on March 1. The board’s decision reflects a concern over the pace of execution failing to meet expectations, a common precursor to leadership transitions aimed at enhancing operational discipline and financial performance.
Miller’s appointment as interim CEO, and her expanded remit earlier in 2025 to include the chief operating officer role, signals a broader trend in corporate governance. Boards, especially during periods of market volatility, are increasingly looking to financial leadership to stabilize companies and recalibrate performance objectives. Data from Crist Kolder Associates’ 2025 Volatility Report highlights this shift, noting that CFO-to-CEO promotions within Fortune 500 and S&P 500 companies reached a decade high of 10.26% last year, a notable increase from 6.15% in 2015. These promotions were exclusively internal, indicating a preference for leaders with entrenched institutional knowledge and a strong grasp of financial operations. Miller’s background, including her tenure as global CFO of EY, CFO of Cargill, and over a decade at General Electric, where she held roles such as CFO and CEO of GE Transportation, positions her with extensive experience for this interim leadership role.
The challenges at PayPal are not isolated. The company recently projected lower earnings for 2026, further fueling investor concerns. David W. Dorman, PayPal’s newly appointed independent board chair, emphasized Lores’s experience in driving complex transformations and disciplined execution, qualities likely seen as crucial for steering PayPal through its current difficulties. This focus on financial acumen and operational rigor resonates across various industries. For instance, Sundip “Sonu” Singh Johl, with over two decades of experience, including roles at Raymond James & Associates and UBS Investment Banking, was recently appointed EVP, CFO, and treasurer of Ring Energy, Inc. Similarly, Karen Chan Chi Yin, with more than 20 years of financial experience and a history with Deswell Industries, Inc., was promoted to CFO, succeeding Herman Wong.
Beyond these leadership changes, market activity reflects a nuanced investor sentiment. E*TRADE from Morgan Stanley’s monthly analysis of S&P 500 sectors reveals that in January, utilities, financials, and technology were the most-bought sectors, with net buy activity of +2.97%, +2.33%, and +2.13% respectively. Conversely, consumer staples, real estate, and energy experienced the most net selling. Chris Larkin, managing director of trading and investing at E*TRADE, pointed out that some of the buying in utilities appeared less defensive and more geared towards “risk-on” investments in alternative energy stocks tied to the AI datacenter boom. He also noted a contrarian approach among clients, who were net buyers of financials, the S&P 500’s weakest sector, and net sellers of energy, its strongest.
These movements in leadership and market sentiment occur within a broader context of ongoing corporate evolution. The Walt Disney Company, for example, is also undergoing a significant leadership transition, with Josh D’Amaro, a 28-year Disney veteran and current chairman of Disney Experiences, set to become CEO on March 18, succeeding Robert A. Iger. D’Amaro’s career path, as highlighted by Preston Fore in a Fortune article, suggests that adaptability and an openness to uncertainty have been key drivers in his ascent. These leadership shifts, whether at PayPal, Ring Energy, Deswell Industries, or Disney, underscore a dynamic corporate landscape where boards are continuously evaluating and recalibrating leadership to navigate evolving market conditions and shareholder expectations. As Ram Charan, an adviser to CEOs and boards, observes, multinational corporations must redesign themselves for a world where alignment is fluid, currencies are volatile, and alliances are not always in lockstep, requiring decisions many firms have deferred for too long.
