Lewis Platt is to leave Hewlett-Packard after the company's transformation into two separate businesses is complete, the company said in a statement this afternoon.
After rumours shot round stock markets today that the company planned a massive restructuring that would divide the company into two parts, HP's Platt was forced to confirm the news.
The testing, chemical and medical products businesses are being split off into a new measurement company, while the computer and imaging businesses will remain as Hewlett-Packard. (see connected story)
Platt will manage the restructuring process and then head a committee of senior HP executives to search for a new chief executive for the computer and imaging business, sometime after 2000. Edward Barnholt is being promoted to the position of chief executive of the measurement company.
"The two new companies we're creating compete in fast-moving, highly competitive markets," said Platt, in a statement. "This realignment positions each new company to deliver enhanced growth in revenue and earnings."
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