HP Inc. Imaging, Printing and Solutions president Enrique Lores is set to take over as the company’s president and CEO replacing Dion Weisler.

Lores will take on the responsibilities from November 1 following a vote from HP Inc’s board of directors.

Weisler stepped down from the position citing a family health matter and will eventually return home to Australia but will remain with the company through to January 2020 to work with Lores and ensure a seamless transition.

Following this, Weisler will also continue to serve on HP’s board of directors until the next annual meeting of shareholders.

Weisler joined HP in 2012 and has served as president and CEO since 2015.

“Serving as CEO of HP is the highlight of my career, and I want to thank the entire HP team for the support they have shown me. I’m incredibly proud of what we have achieved and equally confident in where we are heading as a company,” Weisler said.

“Enrique has been a tremendous partner whose leadership has been instrumental in setting this company up for success and delivering on our strategy. He is one of the smartest people I know, and I have great confidence in his ability to lead and inspire the next chapter of HP’s transformation and growth.”

Lores began his HP career 30 years ago as an engineering intern and has risen to prominent leadership positions across the company’s Print, Personal Systems and Services businesses.

Since 2015, Lores has served as President of HP’s Imaging, Printing and Solutions business and over the past year, has been working with the HP board on a global review of the company’s strategy and business operations.

This includes a focus on simplifying its operating model, evolving its business models, and driving improvements in its cost structure while making the company more digitally enabled and customer-centric.

“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.

“The opportunities ahead are vast and the need for us to keep reinventing is more important than ever. I continue to be inspired by our customers, partners and employees, who are turning bold ideas into meaningful innovations. This is where we will set our sights for the future.”

HP Inc. also announced its fiscal 2019 third quarter results, reporting a decrease in printing net revenue.

Its printing net revenue was down five per cent YoY, with a 15.6 per cent operating margin.

It reported that total hardware units for printing were down nine per cent, with commercial hardware units down four per cent and consumer hardware units down 10 per cent from the same time last year.

Printing supplies net revenue was down seven per cent.

Overall, it announced a fiscal 2019 third quarter net revenue of US$14.6 billion, up 0.1 per cent from the prior-year period.

“We continued to deliver strong free cash flow and non-GAAP EPS growth, while raising our non-GAAP EPS outlook. We are delivering industry leading innovation across our portfolio, and I am confident we are taking the right actions to position HP for the future,” Weisler said.

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