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Hewlett-Packard Company (HP) is poised to split into two separate entities, according to an unconfirmed story in the Wall Street Journal. The restructuring move will result in one company that’s focused on building and selling PCs and printers, and another for its enterprise computing and services operations.

The WSJ says HP shareholders will be given shares in the new PC and printer company next year.

Meg Whitman, the current CEO of HP, will head up the new enterprise-focused company, while the PC and printer business will be led by Dion Weisler as CEO, says the report. Whitman will also become chairwoman of the PC/printer company. The exact details aren’t clear at this time, but HP is set to make an announcement later today, according to the WSJ.

HP is one of the most iconic of Silicon Valley companies, but it also epitomises the current problems that many technology giants face. Despite its rich history and the billions of dollars in revenues it continues to rake in each year, HP has struggled to come to terms with the decline of the PC market and enterprise’s shift to cloud computing. It hasn’t been helped by a number of fiascos with its leadership in recent years either.

The idea of splitting up HP isn’t a new one. Whitman’s predecessor Leo Apotheker mooted a similar option during his tenure as CEO, however those plans were shelved when Whitman took over the company three years ago.

More recently, the WSJ reported that HP was considering a “merger of equals” with enterprise giant EMC Corp., a deal that would’ve seen Whitman become CEO of the combined monster, and EMC’s current CEO Joe Tucci becoming chairman. However, talks over the merger ended earlier this year due to the belief that shareholders would never approve the deal.

This story has not been confirmed by HP yet, but the company is clearly under pressure from its shareholders to do something. What with so many rumors flying around it’s likely we’ll see some kind of restructuring moves soon, even if it’s a case of too little, too late.

Update:

HP has now confirmed the news in a bulletin sent out to news agencies this morning. In its statement, HP says it plans to split into two publicly traded companies. Its consumer-focused PC, tablet, and printing efforts will continue under the HP banner, while a new company named Hewlett-Packard Enterprise will focus on “enterprise technology infrastructure” and “software and services businesses.”

As expected, Meg Whitman, the current CEO of HP, will take the reins at Hewlett-Packard Enterprise, while Dion Weisler, the company’s EVP for Printing and Personal Systems, will lead the new HP.

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