HP Inc. (HPQ - Get Report) announced Thursday that CEO Dion Weisler would step down from the top positions due to a family health matter and return home to Australia.
HP said that Weisler will continue as a director until the next annual meeting. Weisler joined HP in 2012 and has been president and CEO since 2015.
Enrique Lores has been with HP for 30 years. Since 2015, he's headed the imaging, printing and solutions business, which accounted for $20 billion, or a bit more than a third, of HP's fiscal 2018 revenue of $58.5 billion.
Jeff Marks, senior portfolio analyst with Action Alerts PLUS, broke it down:
"So I think it's the same challenges that HP has been experiencing for quite some time now. And it's really in the printing supplies business. You know what they've been dealing with. There is a glut of inventory build-up, especially in the emerging markets. So [Lores is] going to have to navigate that difficult environment. But he has the experience because that's, that's the business where he was coming from," said Marks.
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