HP Announces CEO Succession
August 22 2019 - 4:05PM
HP Inc. (NYSE: HPQ) today announced that its board of directors has
unanimously appointed Enrique Lores, currently President of HP’s
Imaging, Printing and Solutions business, to succeed Dion Weisler
as the company’s President and CEO, effective November 1. Weisler’s
decision to step down at this time is due to a family health matter
and he will be returning home to Australia. He will work with Lores
to ensure a seamless transition and will remain at the company
through January 2020. Following this, Weisler will continue to
serve on HP’s board of directors until the next annual meeting of
stockholders.
Weisler joined HP in 2012 and has served as President and CEO
since 2015. HP has added approximately $7 billion in annual
revenue, generated over $13 billion in free cash flow, and has met
or exceeded its non-GAAP EPS guidance for 15 consecutive quarters
since separation.
“Serving as CEO of HP is the highlight of my career, and I want
to thank the entire HP team for the support they have shown me. I’m
incredibly proud of what we have achieved and equally confident in
where we are heading as a company,” said Weisler. “Enrique has been
a tremendous partner whose leadership has been instrumental in
setting this company up for success and delivering on our strategy.
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.”
“On behalf of the board, we respect Dion’s decision to support
the needs of his family,” said Chip Bergh, chair of HP’s board of
directors. “We thank him for leading HP post-separation, building a
strong team and restoring the company to drive strong shareholder
value creation over the last four years.”
Bergh added, “Enrique is an inspiring and proven business leader
and is the right person to lead HP into the future. Since the time
of separation, the board has had an ongoing and diligent succession
planning process that included vetting and benchmarking internal
and external candidates. Through this rigorous process, Enrique
emerged as the board’s unanimous choice as successor and we are
confident he will build on the company’s progress and capitalize on
new opportunities.”
Lores is one of HP’s most accomplished and multi-faceted
leaders. He began his HP career 30 years ago as an engineering
intern and has risen to increasingly prominent leadership positions
across the company’s Print, Personal Systems and Services
businesses. From his technical roots, he has developed broad
leadership expertise and relationships working at the country,
region and worldwide level. Throughout his career, Lores has been
known for his relentless focus on serving customers and partners
and his passion for driving innovation.
During the separation of Hewlett-Packard Company in 2015, Lores
was a key architect of one of the largest and most complex
corporate separations in business history and successfully led the
Separation Management Office. He was instrumental in transforming
HP’s cost structure while simplifying the organization and creating
the capacity to invest in innovation to drive profitable top and
bottom-line growth.
Since 2015, Lores has served as President of HP’s Imaging,
Printing and Solutions business, which had revenues of over $20
billion for fiscal 2018 and has consistently outperformed the
company’s printing peer set. He continues to reinvent HP’s Print
business with a focus on differentiated innovation, business model
transformation and strategic M&A – including HP’s acquisition
of Samsung’s printer business in 2017 – while fostering important
ecosystem partnerships and demonstrating an industry-leading
commitment to sustainable impact and the environment.
Over the past year, Lores has been working with the HP board on
a comprehensive global review of the company’s strategy and
business operations, with a focus on simplifying its operating
model, evolving its business models and driving significant
improvement in its cost structure while making the company more
digitally enabled and customer-centric. Lores will provide more
details on this work and his vision for the company on October 3
during HP’s investor update.
“Thirty years ago, I was drawn to HP by the company’s unique
ability to bring out the best of humanity through the power of
technology,” said Lores. “The opportunities ahead are vast and the
need for us to keep reinventing is more important than ever. I
continue to be inspired by our customers, partners and employees,
who are turning bold ideas into meaningful innovations. This is
where we will set our sights for the future.”
HP will host a conference call to discuss this news and review
separately announced financial results for the third fiscal quarter
ended July 31, 2019 on Thursday, August 22, 2019 at 5:00 p.m. ET /
2:00 p.m. PT. The webcast will be available at
www.hp.com/investor/2019Q3Webcast.
About HP Inc. HP Inc. creates technology
that makes life better for everyone, everywhere. Through our
product and service portfolio of personal systems, printers and 3D
printing solutions, we engineer experiences that amaze. More
information about HP Inc. is available at http://www.hp.com.
Forward-Looking StatementsThis document
contains forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such statements involve risks, uncertainties and
assumptions. If such risks or uncertainties materialize or such
assumptions prove incorrect, the results of HP Inc. (“HP”) and its
consolidated subsidiaries could differ materially from those
expressed or implied by such forward-looking statements and
assumptions. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements, including any statements of the plans, strategies and
objectives of HP for future operations; any statements of
expectation or belief; and any statements of assumptions underlying
any of the foregoing. Risks, uncertainties and assumptions include
the possibility that expected benefits may not materialize as
expected; risks related to hiring and retaining key employees; and
other risks that are described in HP’s SEC reports, including but
not limited to the risks described in HP’s Annual Report on Form
10-K for its fiscal year ended October 31, 2018, HP’s Quarterly
Reports on Form 10-Q for the fiscal quarters ended January 31, 2019
and April 30, 2019, and HP’s other filings with the Securities and
Exchange Commission. HP assumes no obligation and does not intend
to update these forward-looking statements. HP’s Investor Relations
website at http://www.hp.com/investor/home contains a significant
amount of information about HP, including financial and other
information for investors. HP encourages investors to visit its
website from time to time, as information is updated, and new
information is posted.
MEDIA CONTACTS: Jeff
DahnckeJeff.dahncke@hp.com
HP Media RelationsMediaRelations@hp.com
HP Inc. Investor
RelationsInvestorRelations@hp.com
HP (NYSE:HPQ)
Historical Stock Chart
From Aug 2024 to Sep 2024
HP (NYSE:HPQ)
Historical Stock Chart
From Sep 2023 to Sep 2024