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HP’s CEO, Dion Weisler to occur in November, shares slide

FILE PHOTO: according to Dion Weisler, President, and chief executive officer of Hewlett-Packard (HP), and can be seen on the floor of the New York Stock Exchange (NYSE) in New York, New York, USA, October 3, 2018. REUTERS/Brendan McDermid

(Reuters) – the HP’s, Inc., HPQ.N) said on Thursday that the company’s Chief Executive Officer, according to Dion Weisler, was stepping down after nearly four years, citing personal reasons.

Enrique Lores, who is currently the president of HP’s imaging, printing and solutions business, will take the helm effective Feb. 1.

The company’s shares were down 5.86% to $17.82 in late trading after the HP Inc., reported a lower-than-expected rise in net income for the third quarter of the year.

The company said Weisler was a step back in order to attend to a family health matter.

“On behalf of the board of directors, we are committed to Dion’s decision to support the needs of the family,” said Chip Bergh, the chairman of HP’s board of directors.

Lores, a 30-year-old veteran, who started as an engineering intern in the firm, he was involved in the split of Hewlett-Packard into two publicly traded companies.

He has also been involved with the company’s $1.05 billion acquisition of Samsung’s printer business in march of 2017.

Separately, HP Inc., reported revenue of $ 14.60 billion for the quarter, which ended on the 31st of July, slightly lower than analysts ‘ estimates of $14.61 billion, according to IBES data, Refintiv.

The company reported adjusted earnings of 58 cents per share, which is higher than the 55 cents analysts estimated.

Report by Ayanti Berra in Bengaluru; Editing by Bernard Orr and Anil D’silva

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