HP CEO Dion Weisler to step down

HP CEO Dion Weisler will step down “due to a family health matter,” the company announced Thursday alongside its third quarter 2019 earnings report.

HP shares popped before falling about 5% after the announcement and the release of the company’s earnings report.

Long-time executive Enrique Lores, president of HP’s imaging, printing and solutions business, will become president and CEO of the company effective November 1, according to a press release. Weisler will return to his home in Australia but will help Lores transition into the role and remain at the company through January 2020, HP said. After, Weisler will retain his seat on the board of directors until the next annual stockholders meeting next spring.

Weisler has served as president and CEO of HP since 2015, three years after he first joined the company. Weisler took the top seat of the printing and computing business after it split from the corporate hardware and services business that now falls under HP Enterprise. HP’s stock price has risen from less than $12 at the end of 2015 when Weisler took over to about $19 at Thursday’s close.

Lores, who began as an engineering intern at HP 30 years ago, led the company’s separation management office during its division, according to the press release. More recently, he has worked with HP’s board on a global review of its strategy and business operations, which he will present on October 3 during HP’s investor update, the company said.

Alongside the news of Weisler’s departure, HP announced earnings per share that beat analyst expectations but fell below revenue expectations.

Here are the key numbers:

• Earnings per share: $0.58, adjusted, vs. $0.55 expected, according to Refinitiv
• Revenue: $14.60 billion, vs. $14.61 billion expected, according to Refinitiv

The company raised EPS guidance for its full year 2019 from an adjusted range of $2.14-$2.21 to $2.18-$2.22. Analysts expected $2.18 for the full fiscal year.

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