HP CEO and president Dion Weisler is stepping down due to a “family health matter,” the company announced on Thursday.
In its third quarter earnings report, HP said Weisler – who has served as company CEO since 2015 – will be returning home to Australia but will remain at the company through January 2020. He will stay on its board of directors until Spring 2020.
Enrique Lores, president of HP’s imaging, will take over as president and CEO, effective November 1.
Lores has worked for the company for 30 years, starting as an engineering intern and rising through the ranks. When Hewlett Packard spun off part of its business into Hewlett Packard Enterprise in 2015 and was renamed HP, Lores was a key architect of the transition, according to the release.
Weisler was the first CEO of HP after the company split.
HP stock was down 5.12% in after-hours trading following the company’s announcement and the release of its earnings, which were mixed. HP beat analyst expectations for earnings per share but were below revenue expectations with $14.60 billion compared with an expected $14.62 billion.