HP CEO Dion Weisler to step down in November; shares slide

HP's CEO is stepping down this year

HP's CEO is stepping down this year

Separately, HP announced Thursday that Weisler will be stepping down as CEO as of November 1, and will be succeeded by Lores, president of Imaging, Printing and Solutions at the company.

HP Inc.'s stock is down more than six percent in after-hours trading on the news, highlighting the value of Weisler's leadership. He will be succeeded by Enrique Lores, who now oversees an HP division that includes its highly profitable business of selling ink for the company's printers. "I have every confidence in the entire team and in Enrique's ability to take us to the next level, the next chapter of this storied company's history".

"Weisler's decision to step down at this time is due to a family health matter and he will be returning home to Australia", HP said in a statement.

"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.

The Palo Alto, CA-based firm has been in the doldrums with weak consumables sales in Europe, Middle East, and Africa otherwise known as the EMEA market, and HP's performance in the last three months indicate its efforts to put the company back in a competitive mode does not look too easy.

Weisler joined HP in 2012 and has served as President and CEO since 2015. Lores, a former intern, said HP is well positioned to grow digital manufacturing and hit other growth areas.

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"Our end objective is to create a more digitally enabled, customer-centric organisation", claims Lores in an earnings call.

"The opportunities ahead are vast and the need for us to keep reinventing is more important than ever", Lores said.

The company's Printing unit saw revenue fall 5 per cent year-on-year while achieving 15.6 per cent operating margin. The company reported third quarter net income of $1.2 billion, or 78 cents a share, on revenue of $14.6 billion, flat with a year ago.

The company reported adjusted earnings of 58 cents per share, above 55 cents estimated by analysts.

HP's PC unit delivered revenue growth of 3% as commercial revenue gains of 10% were offset by a decrease of 11% in consumer units.

Overall, HP's revenue for its fiscal 2019 third quarter was up slightly, to $14.6 billion, compared with $14.59 billion during the same period the year before.

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