HP CEO Dion Weisler Stepping Down
August 22 2019 - 4:40PM
Dow Jones News
By Patrick Thomas
HP Inc. Chief Executive Dion Weisler is stepping down as the
leader of one of the world's largest PC makers later this year for
family health reasons.
Mr. Weisler, who took over as HP CEO in 2015, will be succeeded
by Enrique Lores, the head of the company's imaging, printing and
solutions business, HP said on Thursday. Mr. Lores, a Spaniard who
joined the company as an intern 30 years ago, will assume the top
job on Nov. 1 and work with Mr. Weisler through January 2020 to aid
the transition, the company said.
"The fundamental strength of the company has never been greater.
Enrique is absolutely the right choice at the right time," Mr.
Weisler, who will remain on HP's board, said in an interview.
Mr. Weisler has led HP, which sells computers and printers,
since Hewlett-Packard Co. in 2015 split the company that Bill
Hewlett and Dave Packard started in their Palo Alto, Calif., garage
in 1939. The other business, Hewlett Packard Enterprise Co.,
focuses on selling computer servers, data-storage gear and other
services for corporate-technology departments
In its latest quarter, HP reported flat revenue after selling
more desktop computers, but gains were offset by weaker performance
in its printing business. HP was the world's No. 2
personal-computer maker by shipments in the second quarter,
according to data from Gartner Inc.
Overall, HP reported sales of $14.60 billion, compared with
$14.59 billion a year earlier. Analysts surveyed by FactSet had
expected $14.62 billion of revenue in the quarter.
For the quarter ended July 31, HP's profit was $1.18 billion, or
78 cents a share, compared with $880 million, or 54 cents a share,
a year ago. Analysts surveyed by FactSet were expecting earnings of
53 cents a share.
Excluding acquisition and restructuring charges and after other
adjustments, HP reported a profit of 58 cents a share, above the 55
cents a share analysts were expecting on an adjusted basis.
The company raised its full-year adjusted earnings outlook to
between $2.18 and $2.22 a share, compared with an earlier forecast
of $2.14 to $2.21.
Write to Patrick Thomas at Patrick.Thomas@wsj.com
(END) Dow Jones Newswires
August 22, 2019 16:25 ET (20:25 GMT)
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