Enrique Lores, who heads the $20 Bn printer business, is succeeding Dion Weisler as the Chief Executive Officer of HP Inc., effective 1st Novemeber, 2019.
A native of Spain, Lores began his 30-year career as an intern. He has held a variety of roles across the company and have led several global businesses through large scale transformation. Having spent more than 30 years in HP, Lores is familiar with the company and its vision.
He has been with the company through its many phases and now amid wrenching changes and turmoil in the PC market, he has the responsibility to navigate the company through all challenges.
HP’s shares went down 6.3 percent to $17.74 in extended trading, currently hovering near a 52-week low.
Weisler has led Palo Alto, Calif.-based HP Inc. to generate strong results in both PC and print since the split, proving that growth was possible in the two highly challenging markets. And his experience might have helped HO during these difficult times. However, he has to leave the company as he needs to attend some important family matters. The good news is that Weisler shall be around through January 2020 to help with the CEO transition, and will continue serving on the board of directors at HP until the next annual meeting of stockholders.
Meanwhile, new CEO, Lores has also vowed to “simplify” and “evolve” the company’s business.
Lores was an unanimous choice to be the next leaders and Weisler also believes in his abilities to spearhead the company in these difficult times.
"He's been in almost every part of the business—PCs, core print, industrial business, services. I have every confidence in the entire team and in Enrique's ability to take us to the next level, the next chapter of this storied company's history," said Weisler.
Lores shall remain focused on driving the performance in the company's core PC and print businesses while pursuing emerging opportunities--with the help of partners.
"You will see me reaching key investors, partners and customers to make sure that we continue to nurture the relationships that have been built during the last years. Because these are really going to be critical for us going forward," shared Lores.
Lores is excited about the opportunity, and the future of the company.
However, HP on Thursday shared printer net revenue declined 5 percent year-over-year, and analysts predict, macro issues around the economy will put a dent into commercial purchases of PCs and printers heading into 2020. It will be interesting to see how Lores heads the company through these challenges. His strategy shall determine the future of the company's business and how it shapes as market becomes more complex.
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