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BREAKING NEWS

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

HP CEO Dion Weisler to step down in November; shares slide
Dion Weisler, President and CEO Hewlett-Packard (HP) is seen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 3, 2018. REUTERS/Brendan McDermid -
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BRENDAN MCDERMID(Reuters)
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(Reuters) – HP Inc <HPQ.N> 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 (856.51 million pounds) 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)

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