HP Inc. has announced that CEO Dion Weisler will be stepping down “due to a family health matter” and will be succeeded by Enrique Lores, who is currently president of HP’s printer division. Lores will officially begin as CEO on November 1st, according to the press release. HP says Weisler will be a director on the company’s board until the next annual stockholder meeting, which should be in April 2020.
Weisler has been CEO since 2015, when HP split into two parts: a PC and printer business known as HP Inc., led by Weisler, and an enterprise services business called HPE, led by former HP CEO Meg Whitman until she stepped down in 2015. She has since co-founded short video platform Quibi.
Lores has been at HP for 30 years and started at the company as an engineering intern, according to the press release. In 2018, he was part of a team that showed us a zero-gravity printer designed for the International Space Station.
The news was announced in tandem with the company’s Q3 earnings. The company’s stock is down 6 percent after hours.