HP CEO Dion Weisler resigned, Enrique Lores to lead

HP announced the resignation of Dion Weisler, its chief executive officer, after nearly four years in the role.
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The consumer devices company said Dion Weisler, 52, is leaving the CEO role to attend to a family health matter.

Dion Weisler, who will be returning to Australia, joined HP in 2012 and served as president and CEO since 2015. HP added approximately $7 billion in annual revenue, generated over $13 billion in free cash flow, and has met or exceeded its EPS guidance for 15 consecutive quarters since separation from HPE.

Enrique Lores, a 30-year veteran with the US-based technology company and currently president of HP’s imaging, printing and solutions business, will take over the CEO position on Nov. 1.

Enrique Lores, who started as an engineering intern with the company, played a role in the splitting of Hewlett-Packard Co into two listed companies. The 53 year-old was involved in the company’s $1.05 billion acquisition of Samsung’s printer business in 2017.

Enrique Lores was instrumental in transforming HP’s cost structure while simplifying the organization and creating the capacity to invest in innovation to drive profitable top and bottom-line growth.

Since 2015, Enrique Lores has served as president of HP’s Imaging, Printing and Solutions business, which had revenues of over $20 billion for fiscal 2018 and has outperformed the company’s printing peer set.

HP revenue

Palo Alto, California-based HP, the hardware business that was formerly part of Hewlett Packard Company, reported revenue of $14.60 billion (+0.1 percent) for the third quarter ended July 31.

HP’s Personal Systems revenue rose 3 percent to $9.69 billion with a 5.6 percent operating margin. Commercial revenue increased 10 percent and Consumer revenue decreased 11 percent. Total units were up 5 percent with Notebooks units up 2 percent and Desktops units up 11 percent.

HP’s printing business revenue fell 5 percent to $4.912 billion with 15.6 percent operating margin. Hardware units were down 9 percent with Commercial hardware units down 4 percent and Consumer hardware units down 10 percent.

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