HP Inc. (HPQ) announced on August 22 that Enrique Lores has been unanimously appointed by its board of directors as the company’s President and CEO, effective November 1. 

Lores will be replacing Dion Weisler, who is stepping down and returning to his home country Australia due to a family health matter. Weisler, who joined HP in 2012 and served in his current role since 2015, will remain at the company through January 2020 to assist with the transition and will continue to serve on the board of directors until the next annual meeting of stockholders.

Shares in the technology giant plunged over 8% in pre-market trading on Friday. The company announced its mixed earnings report in tandem with the news of Weisler's resignation.

Weisler has led HP since the historic separation of Hewlett-Packard into two separate firms in 2015. Since then, HP has added approximately $7 billion in annual revenue, generated over $13 billion in free cash flow, and has met or exceeded its non-GAAP EPS guidance for 15 consecutive quarters, noted the press release. Shares in the company have risen from below $12 to close to $19 during this period.

Who Is Enrique Lores?

Lores is the current president of HP’s Imaging, Printing and Solutions business. He has been with the company for over 30 years and joined as an engineering intern. Lores was a "key architect" of the split that saw the creation of a PC and printer business and led the Separation Management Office in 2015. Weisler called him "one of the smartest people I know."

"He was instrumental in transforming HP’s cost structure while simplifying the organization and creating the capacity to invest in innovation to drive profitable top and bottom-line growth," said the company's statement. Lores has been working over the past year with the HP board on a comprehensive global review of the company’s strategy and business operations to improve its cost structure and make the company more "digitally enabled and customer-centric." Investors will get to hear more about his vision on October 3.

“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,” said Lores. “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.”