HP has just confirmed its rumored reorganization, and will merge its Imaging and Printing Group with its Personal Systems Group (PSG) to make — wait for it — the Printing and Personal Systems Group. Printer boss Vyomesh Joshi will retire, making room for Todd Bradley to head up the new division, after running the PC group since 2005. The move comes after HP notoriously mulled spinning off its PSG last year, but decided to keep it. At the time of the decision to keep PSG in-house, new HP CEO Meg Whitman said that "HP is committed to PSG, and together we are stronger" — and now it appears that PSG will be made stronger by tying it to HP's more profitable printing business.

HP says it will also be streamlining other areas of its business, including folding its international account sales organization into its newly formed HP Enterprise Group, which will include enterprise servers, storage, networking, and technology services. Whitman says that the reorganization will result in "a faster, more streamlined, performance-driven HP that is customer focused" — something HP will need to turn around its first quarter earnings.