Enrique Lores inherits a tougher payments market and a skeptical Wall Street after replacing Alex Chriss as CEO. David Becker/Getty Images

PayPal’s board chairman Enrique Lores surprised Wall Street yesterday (Feb. 3) by appointing himself as the payment giant’s new CEO, replacing Alex Chriss. Lores, who was CEO of HP right up until the announcement, will officially assume his new role on March 1. HP’s board, largely blindsided by Lores’ move to PayPal, scrambled to appoint company director Bruce Broussard as interim CEO and begin a search for Lores’ more permanent successor.

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A board chairman taking over the CEO job himself usually signals a lack of suitable candidates. PayPal’s board had considered a handful of internal and external options to replace Chriss, but........

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