Dion Weisler To Step Down As HP Inc. CEO, Enrique Lores Taking The Reins

Weisler will be succeeded in November by Lores, who is the head of HP’s printing and imaging business.

Dion Weisler is stepping down as CEO of HP Inc. as of Nov. 1, and will be succeeded by Enrique Lores, the head of HP's printing business, the company announced Thursday.

Weisler has served as CEO of the PC and printer giant since 2015, when Hewlett-Packard split into HP Inc. and Hewlett Packard Enterprise. Weisler, who initially joined HP in 2012, is stepping down due to a family health matter, HP said.

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In a call with reporters and analysts Thursday, Weisler called it "the most difficult choice of my career."

"I've always said to put family above all else, when I talk to people within the company. And I need to heed my own advice. And so I'll be returning to Australia to deal with a family health matter," Weisler said.

Weisler will remain at the company 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, the company said.

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.

Weisler has also overseen the company's transition into new areas such as Device-as-a-Service and 3-D printing, while maintaining a focus on channel investments and on working closely with solution providers.

Lores--who has been president of Imaging, Printing and Solutions at HP since the 2015 split--was the unanimous choice by the board of directors to become the next CEO of HP Inc., the company said.

Lores has been with HP for three decades, having originally started as an engineering intern, Weisler said.

"He's been in almost every part of the business—PCs, core print, industrial business, services," Weisler said. "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."

Lores was also a "key architect of the separation" of Hewlett-Packard, Weisler said.

On the call, Lores said he will 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," Lores said. "I'm very excited about the opportunity, very excited about the future of the company."

Weisler added that "four years ago, a lot of people doubted us. And we never did. And I certainly never did."

"We really reinvigorated and reinvented the company. We've got a strong track record of results. And we've been on this phone call with you now for 15 quarters in a row, and over that time, we've driven $7 billion dollars in annual revenue growth, $13 billion in free cash flow," Weisler said. "And from a non-GAAP EPS perspective, we've been at or above consensus 15 out of 15 quarters. So I like that average. I think we've got a company that is in incredibly great shape."