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

(Reuters) - HP Inc said on Thursday that Chief Executive Officer Dion Weisler was stepping down after nearly four years, citing personal reasons. Enrique Lores, who is currently president of HP's imaging, printing and solutions business, will take over the helm, effective Nov.

Reuters August 23, 2019 04:05:14 IST
HP CEO Dion Weisler to step down in November; shares slide

HP CEO Dion Weisler to step down in November shares slide

(Reuters) - HP Inc said on Thursday that Chief Executive Officer Dion Weisler was stepping down after nearly four years, citing personal reasons.

Enrique Lores, who is currently president of HP's imaging, printing and solutions business, will take over the helm, effective Nov. 1.

Shares of the company were down 5.86% at $17.82 in late trade after HP Inc also reported a lower-than-expected rise in net revenue for the third quarter.

The company said Weisler was stepping down to attend a family health matter.

"On behalf of the board, we respect Dion's decision to support the needs of his family," said Chip Bergh, chairman of HP's board.

Lores, a 30-year veteran who started as an engineering intern with the company, was involved in the splitting of Hewlett-Packard Co into two publicly listed companies.

He was also involved in the company's $1.05 billion acquisition of Samsung's printer business in 2017.

Separately, HP Inc reported revenue of $14.60 billion in the quarter ended July 31, slightly below analysts' estimates of $14.61 billion, according to IBES data from Refintiv.

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

(Reporting by Ayanti Bera in Bengaluru; Editing by Bernard Orr and Anil D'Silva)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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