HP CEO Weisler Steps Down for Family Health Reasons, Lores Takes Over
HP CEO Dion Weisler steps down due to a family health matter, with longtime executive Enrique Lores taking the helm. The leadership change accompanies a mixed third-quarter earnings report that beats profit estimates but narrowly misses revenue targets.
HP CEO Dion Weisler steps down from his role due to a family health matter, prompting a significant leadership transition for the technology company. Long-time executive Enrique Lores, who currently leads HP's imaging and printing business, takes over as president and CEO on November 1. Weisler plans to return to his home in Australia but will assist with the transition through January 2020 before officially leaving the board in the spring.
The leadership change arrives alongside HP's fiscal third-quarter earnings report, which shows adjusted earnings per share of $0.58 that beat analyst expectations of $0.55. However, the company's revenue of $14.60 billion falls just short of the expected $14.61 billion, causing HP shares to drop about 5 percent after the initial announcement pop. Despite the slight revenue miss, HP raises its full-year earnings guidance to a range of $2.18 to $2.22 per share.
Weisler leads HP since 2015, guiding the printing and computing business after its separation from Hewlett Packard Enterprise and overseeing a significant rise in stock value. His successor, Lores, brings three decades of HP experience to the top position, having started at the company as an engineering intern 30 years ago. Lores currently works closely with the board on a comprehensive global strategy review, which he plans to present during the upcoming investor update on October 3.