HP CEO Dion Weisler will resign "due to a family health issue", the company announced Thursday along with the third quarter 2019 earnings report.
HP shares jumped before falling around 5% following the announcement and release of the company's income report.
Long-time leader Enrique Lores, president of HP's imaging, printing and solutions business, will become president and CEO of the company from November 1, according to a press release. Weisler will return to his home in Australia, but will help Lores transition to the role and remain in the company through January 2020, HP said. After that, Weisler will retain his seat on the board for the next annual shareholders' meeting next spring.
Weisler has served as President and CEO of HP since 201
Lores, who began as an engineering student at HP 30 years ago, headed the company's separation administration office during division, according to the press release. He has recently worked with HP's Board of Directors on a global review of strategy and business operations, which he will present on Oct. 3 during HP's investor update, the company said.
Alongside the news of Weisler's departure, HP announced earnings per share. share that beat analysts' expectations, but fell below revenue expectations.
Here are the key figures:
- Earnings per share: $ 0.58, adjusted, against $ 0.55 expected, according to Refinitive
- Revenue: $ 14.60 billion, versus 14 , $ 61 billion expected, according to Refinitive
The company lifted EPS guidance for the full year 2019 from an adjusted range from $ 2.14 – $ 2.21 to $ 2.18 – $ 2.22. Analysts expected $ 2.18 for the entire fiscal year.
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