Palo Alto, CA—The board of directors of HP Inc. unanimously appointed Enrique Lores to succeed Dion Weisler as the president and CEO of HP Inc. Lores assumes his new position effective November 1. Lores is currently president of HP’s Imaging, Printing and Solutions business.
Moreover, Weisler’s decision to step down is due to a family health matter; he will return home to Australia. However, he will work with Lores to ensure a seamless transition. In addition, Weisler will remain at the company through January 2020. Following this, he will continue to serve on HP’s board of directors until the next annual meeting of stockholders.
Weisler joined HP in 2012 and served as president and CEO since 2015. Notably, HP added approximately $7 billion in annual revenue; generated more than $13 billion in free cash flow; and met or exceeded its non-GAAP EPS guidance for 15 consecutive quarters since separation.
“Serving as CEO of HP is the highlight of my career. I thank the entire HP team for their support. I’m incredibly proud of what we have achieved and equally confident in where we are heading as a company,” said Weisler. “Enrique has been a tremendous partner whose leadership was instrumental in setting this company up for success and delivering on our strategy. He is one of the smartest people I know; I have great confidence in his ability to lead and inspire the next chapter of HP’s transformation and growth.”
“On behalf of the board, we respect Dion’s decision to support the needs of his family,” said Chip Bergh, chair of HP’s board of directors. “We thank him for leading HP post-separation, building a strong team and restoring the company to drive strong shareholder value creation.”
New President and CEO of HP Inc.
Lores is one of HP’s most accomplished and multifaceted leaders. He began his HP career 30 years ago as an engineering intern. He rose to increasingly prominent leadership positions across the company’s Print, Personal Systems as well as Services businesses. In addition, from his technical roots, he developed broad leadership expertise and relationships working at the country, region and worldwide level. Lores is also known for his relentless focus on serving customers and partners and his passion for driving innovation.
In addition, during the separation of Hewlett-Packard Company in 2015, Lores was a key architect of one of the largest and most complex corporate separations in business history; he successfully led the Separation Management Office. He was also instrumental in transforming HP’s cost structure; while simplifying the organization and creating the capacity to invest in innovation to drive profitable growth.
“Enrique is an inspiring and proven business leader and is the right person to lead HP into the future,” added Bergh. “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. Through this rigorous process, Enrique emerged as the board’s unanimous choice as successor; we are confident he will build on the company’s progress and capitalize on new opportunities.”
Lores served as president of HP’s Imaging, Printing and Solutions business since 2015. It saw revenues of $20+ billion for fiscal 2018 and also consistently outperformed the company’s printing peer set.
Lores continues to focus on differentiated innovation, business model transformation and strategic M&A. In addition, he fosters important ecosystem partnerships.
Over the past year, Lores also worked with the HP board on a comprehensive global review of the company’s strategy and business operations. The focus is to simplify its operating model and evolve its business models. In addition, the goal is to drive significant improvement in HP’s cost structure while making the company more digitally enabled and customer-centric. Lores will provide more details on this work and his vision on October 3, 2019 during HP’s investor update.
“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; 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.”