HP’s Whitman confirms split on schedule for 1 November
Chief executive uses Discover conference to announce preparations on track
HP CEO Meg Whitman yesterday confirmed that the company's impending split is on schedule for its 31 October deadline and would be effective from 1 November, Reuters reported.
Whitman made the remarks at the annual HP Discover 2015 conference, in Las Vegas, Nevada.
From 1 November, the world's second-largest computer maker by shipments will divide into HP Inc (PCs and printers) and Hewlett-Packard Enterprise (business hardware and services).
HP shareholders will hold shares in both entities.
The company first announced the split in October 2014, after years of struggle against emerging mobile devices markets that shrunk revenues from its core business. Whitman announced the move as a means to continue with her turnaround plan, which she initiated shortly after being appointed as chief executive.
"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," she said at the time.
"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."