HP Inc. CEO Dion Weisler to Step Down Because of Family Health Matter

HP Inc. CEO and President Dion Weisler is stepping down from the personal computer and printing giant because of a family health matter, the company said on Thursday.

He will be replaced on Nov. 1 by Enrique Lores, HP’s president of printing and imaging.

“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 in a statement. “I’m incredibly proud of what we have achieved and equally confident in where we are heading as a company.”

Weisler, an Australia native, became HP Inc.’s CEO in 2015, when it split from its data center technology sibling Hewlett Packard Enterprise.

During his tenure, the company’s shares rose nearly 35% to around $19. HP said the company “added approximately $7 billion in annual revenue” since its separation from HPE.

Also on Thursday, HP said that its fiscal 2019 third quarter sales were flat year-over-year at $14.6 billion.

During an earnings call, analysts wished Weisler well as he prepares to step down, but quickly turned their attention to HP’s printing business, in which overall printing sales dropped 5% year-over-year to $4.9 billion.

Particularly concerning to analysts was a 7% year-over-year drop in printing supplies to $3.2 billion.

Weisler pointed to market issues in India as one of the main culprits leading to HP’s printing business dropping in the third quarter. He said the company is “making senior management changes in India” that will help “put our Indian print business on a stronger footing.”

“The size and the timing of the ripples in the back end of this year is something we underestimated,” Weisler said.

In after-hours trading, just after the announcement about the CEO’s departure, HP shares fell nearly 6% to $17.80