Dion Weisler has unveiled plans to exit as CEO of HP, returning home to Australia due to a “family health matter”.
The global leader will be succeeded by Enrique Lores, “unanimously appointed” from his current position of president of HP's Imaging, Printing and Solutions business, effective November 1.
Weisler will work with Lores in the months ahead to ensure a “seamless transition” and will remain at the company until January 2020, while continuing to serve on HP’s board of directors until the next annual meeting of stockholders.
“Serving as CEO of HP is the highlight of my career, and I want to thank the entire HP team for the support they have shown me,” Weisler said. “I’m incredibly proud of what we have achieved and equally confident in where we are heading as a company.
“Enrique has been a tremendous partner whose leadership has been instrumental in setting this company up for success and delivering on our strategy. He is one of the smartest people I know, and I have great confidence in his ability to lead and inspire the next chapter of HP’s transformation and growth.”
Weisler joined HP in 2012 and served as president and CEO since 2015. During his tenure, the vendor added approximately $7 billion in annual revenue, while generating over $13 billion in free cash flow.
“On behalf of the board, we respect Dion’s decision to support the needs of his family,” added Chip Bergh, chair of board of directors, HP. “We thank him for leading HP post-separation, building a strong team and restoring the company to drive strong shareholder value creation over the last four years.”
Lores joined the business 30 years ago as an engineering intern, before rising to “increasingly prominent leadership positions” across the Print, Personal Systems and Services divisions.
During the separation of Hewlett-Packard Company in 2015, Bergh cited Lores as a “key architect” in “one of the largest and most complex corporate separations in business history”.
“Enrique is an inspiring and proven business leader and is the right person to lead HP into the future,” Bergh said. “Since the time of separation, the board has had an ongoing and diligent succession planning process that included vetting and benchmarking internal and external candidates.
“Through this rigorous process, Enrique emerged as the board’s unanimous choice as successor and we are confident he will build on the company’s progress and capitalise on new opportunities.”
Since 2015, Lores has served as president of HP’s Imaging, Printing and Solutions business, which held revenues of over $20 billion for fiscal 2018 and has "consistently outperformed" the vendor's printing peer set.
“Thirty years ago, I was drawn to HP by the company’s unique ability to bring out the best of humanity through the power of technology,” Lores said. “The opportunities ahead are vast and the need for us to keep reinventing is more important than ever.
“I continue to be inspired by our customers, partners and employees, who are turning bold ideas into meaningful innovations. This is where we will set our sights for the future.”