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© vladek dreamstime.com Electronics Production | October 06, 2014

It's official - HP filed for divorce

HP's plans to separate into two new publicly traded companies is now official.
HP’s enterprise technology infrastructure, software and services businesses, will do business as Hewlett-Packard Enterprise, and HP’s personal systems and printing businesses, will go under the name HP Inc. and retain the current logo.

When the transaction is done – which is expected to be completed by the end of fiscal 2015 – shareholders will own shares of both Hewlett-Packard Enterprise and HP Inc.

“Our work during the past three years has significantly strengthened our core businesses to the point where we can more aggressively go after the opportunities created by a rapidly changing market,” said Meg Whitman, Chairman, President and Chief Executive Officer of HP. “The decision to separate into two market-leading companies underscores our commitment to the turnaround plan. It will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders. In short, by transitioning now from one HP to two new companies, created out of our successful turnaround efforts, we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders.”

Meg Whitman, President and Chief Executive Officer of HP, and Cathie Lesjak, Chief Financial Officer of HP, will hold these positions with Hewlett-Packard Enterprise. When the separation is complete..

Don Weisler, Executive Vice President of HP's Printing and Personal Systems business, will lead HP Inc. as President and Chief Executive Officer.

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