Dion Weisler departs, successor Enrique Lores to unveil future vision in coming months
HP is getting a new boss in November as Weisler, who has helmed the tech giant since its split with enterprise cousin Hewlett-Packard Enterprise four years ago, is departing to tend to family medical matters.
The Lowdown: Succeeding Weisler is Enrique Lores, a 30-year veteran of HP, who currently serves as president of the company’s imaging and printing division. Lores is an engineer by trade and training, and has a distinguished career record leading various business units around the world and working with partners and customers in solving technical challenges. The HP board’s selection of Lores as Weisler’s successor was unanimous.
The Details: Weisler will remain with HP through Nov. 1, working with Lores on making a smooth leadership transition. Weisler will continue to serve on the board of directors through early 2020. While Weisler’s departure is a surprise to many, there are no indications that there’s more to the story than family issues in his native Australia.
The Impact: While HP says it will make management and go-to-market changes in several of its regions – particularly Europe, where the business is facing performance headwinds – no immediate major shifts in company policies, structures, or channel relationships are expected. HP says Lores has been driving a review of HP’s strategy and business operations with a focus on simplifying models and improving go-to-market efficiency. Lores will provide details on his vision for HP’s future direction during the company’s regularly scheduled investor update on Oct. 3, 2019.
Background: The departure of Weisler is somewhat surprising given the strong financial performance of HP since the 2014 split with HPE. In the most recent quarter, HP’s overall business was down slightly from expectations due to declines in the print business, but PC sales were up 3%. When HP and HPE split, the market’s money was on HPE to soar while the legacy and commoditized PC and printer business would stagnate. What happened under Weisler’s leadership is that HP revitalized its products and partner relationships, resulting in an increase in company revenue and value.
The Buzz: “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. I’m incredibly proud of what we have achieved and equally confident in where we’re heading as a company,” said outgoing CEO Weisler. “Enrique has been a tremendous partner whose leadership has been instrumental in setting this company up for success and delivering on our strategy. He’s 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.”
“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,” said Lores. “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.”
“Enrique is an inspiring and proven business leader and is the right person to lead HP into the future. 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,” said Chip Bergh, chairman of the HP board of directors. “Through this rigorous process, Enrique emerged as the board’s unanimous choice as successor and we’re confident he will build on the company’s progress and capitalize on new opportunities.”