HP is spinning off its PC & printer divisions into a new company:
The company said Monday that the PC and printer business will use the name HP Inc. The services business will be called Hewlett-Packard Enterprise.
HP CEO Meg Whitman will lead the Enterprise business. HP PC and printer chief Dion Weisler will be CEO of HP Inc.
“The decision to separate into two market-leading companies underscores our commitment to the turnaround plan,” Whitman said. “It will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics.”
The split, if approved by the company board, is expected to close by the end of fiscal 2015. Once complete, HP stockholders will own shares of both companies.
Hewlett-Packard Enterprise has a shot at restoring some of HP’s former glory, but HP Inc is at an evolutionary dead end.