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HP Inc. President and Chief Executive Officer Dion Weisler is quitting his job and will be replaced by Enrique Lores as of Nov. 1, the company said today.
Weisler (pictured), who has led HP ever since its split from Hewlett-Packard Enterprise Co. in 2015, is stepping down for what the company said was a “family health matter,” but it didn’t provide more details.
He’s planning to return to his native Australia, though he’ll remain at the company until early 2020 to assist with the transition. He will also continue to serve on HP’s board of directors until its next annual meeting.
HP has performed well under Weisler’s tenure. The CEO has helped it to maintain its position as one of the market leaders in its key PC and printing businesses, and has also overseen the growth of its 3-D printing unit.
In a conference call, Weisler said that his decision to step down was one of the “hardest choices I’ve ever had to make,” before adding that HP has a deep bench that will ensure a smooth transition.
“Enrique has been a tremendous partner whose leadership has been instrumental in setting this company up for success and delivering on our strategy,” Weisler said of his replacement. “He is one of the smartest people I know, and I have great confidence in his ability to lead and inspire the next chapter of HP’s transformation and growth.”
Lores seems like a safe bet anyhow given his 30-year tenure at the company. He is currently serving as president of HP’s Imaging, Printing and Solutions business and was also one of the key architects of its split from HPE. He said in a statement that he believes HP is well-positioned to continue its growth, citing promising new businesses such as digital manufacturing.
“Our end objective is to create a more digitally enabled, customer-centric organization,” Lores said. “It’s critical that we do so because the needs of our customers are rapidly changing, and we must become a more agile organization that is framers to fully capitalize on the opportunities ahead.”
HP’s leadership reshuffle came as it reported third-quarter financial results that topped expectations. The company posted earnings before certain costs such as stock compensation of 58 cents per share on revenue of $14.6 billion. Wall Street was expecting earnings in the region of 55 cents per share on revenue of $14.61 billion.
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