HP News: HPQ Stock Drops on CEO Departure

Enrique Lores is the next HP CEO

HP news for Friday includes HPQ stock dropping with its CEO is leaving.

HP News: HPQ Stock Drops on CEO Departure
Source: Tomasz Wozniak / Shutterstock.com

Dion Weisler, the current CEO of HP (NYSE:HPQ), is going to be stepping down from this role at the start of November. The reason given for his departure is “a family health matter.” This will have him returning to Australia.

The HP news release about Weisler’s departure also includes information on the company’s next CEO. Enrique Lores, the current President of the Imaging, Printing and Solutions business at HP, is going to be taking over for Weisler starting on Nov. 1.

Even with Weisler leaving the CEO position, he will still have a role at the company. This includes continuing to hold his Board of Directors until the next annual meeting of shareholders. He will also be sticking around through January 2020 to ensure a smooth transition between him and Lores.

“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,” Lores said in the HP news release. “The opportunities ahead are vast and the need for us to keep reinventing is more important than ever.”

Even with HP having a new CEO ready to take over for Weisler, the company’s stock is still reacting negatively. This has HPQ stock down 6% as of Friday afternoon. The stock is also down 8% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/08/hp-news-of-ceo-departure-hits-hpq-stock/.

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