HP confirms split into two companies

HP confirms split into two companies

Hewlett-Packard confirmed today that it is splitting into two companies, one for personal computers and printing and the other for business software and systems.

Meg Whitman, currently CEO of HP, will lead a new business systems company, Hewlett-Packard Enterprise, as its president and chief executive officer and Pat Russo, HP’s lead independent director, will be chairman of the new company’s board.


The new company will focus on cloud offerings, big data, security and mobility, the announcement said.


HP Inc. will be headed by Dion Weisler, who now heads the company’s printing and personal systems group. Whitman will be HP Inc’s board chairman.


“Our work during the past three years has significantly strengthened our core businesses to the point where we can more aggressively go after the opportunities created by a rapidly changing market,” Whitman said in the announcement.


She said the move “underscores our commitment” to a turnaround plan entering its fourth year. The move means.”we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders,” Whitman said.


The split is expected to be completed by the end of the company’s fiscal 2015. HP shareholders will own shares of both companies.



Source: Mercury News

Posted Date:- October 6, 2014

Posted By:- Admin Author

Posted in:- Tech

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