HP CEO Departure May Have Been in Works for a While; Stock Falls
Though Thursday’s post-U.S. market announcement that HP President-CEO Dion Weisler will depart to tend to a “family health matter” surprised some (see 1908220066), Weisler indicated on a fiscal Q3 call Thursday his decision was in the works for a while.…
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Enrique Lores, president of HP’s imaging, printing and solutions, becomes CEO when Weisler steps down in November. The board picked Lores as Weisler’s successor “after a thorough review and careful consideration of a full bench of external and internal candidates,” said Weisler. “I rest easy knowing that the company I love is in the best of hands with Enrique.” The stock closed 5.9 percent lower Friday at $17.81. HP didn't comment on how long the board's CEO search process took or when Weisler informed the board that he was leaving. Priority 1 for Lores will be “simplifying” HP’s “operating model” by “driving significant improvement in our cost structure,” said Lores. “Our end objective is to create a more digitally enabled customer-centric organization.” Customers are “rapidly changing,” and the company must adapt by becoming a “more agile organization,” he said.