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HP Inc. (HPQ) , the Palo Alto, California, printer and PC maker, has tapped Enrique Lores to replace Dion Weisler as president and chief executive, effective Nov. 1.

Shares of HP, which also reported its fiscal third quarter results on Thursday after the close, were down almost 5% to $17.99.

The company said in a Thursday statement that Weisler would step down from the top positions due to a family health matter and return home to Australia. Weisler will continue as a director until the next annual meeting, HP said. Weisler joined HP in 2012 and has been president and CEO since 2015.

Lores, a 30-year veteran of HP, since 2015 has headed up 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.

Dion Weisler (left) and Enrique Lores.

For its fiscal third quarter ended July 31, HP reported that its adjusted earnings rose 12% year-over-year to 58 cents, ahead of analyst estimates for 55 cents. Revenue for the quarter was about flat with the year earlier at $14.6 billion. Analysts were expecting revenue of $14.62 billion.

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