HP has officially filed the paperwork for its split into Hewlett Packard Enterprise and HP Inc, confirming 1 November 2015 as the division deadline.
An HP Securities Exchange Commission filing outlined the $55bn revenue Hewlett Packard Enterprise has generated as part of HP, and noted that the division held $65bn worth of assets, as of its last fiscal year ended in October 2014. HP did not reveal the financial figures underpinning HP Inc.
Meg Whitman, HP chief executive, who will head up Hewlett Packard Enterprise, said that each of the new companies would have strong financial foundations and "compelling innovation roadmaps" when the divide is put into action.
"The separation is intended to, among other things, simplify the organisational structure of each company, facilitating faster decision making," she wrote in a letter to stockholders (PDF).
"As independent companies, Hewlett Packard Enterprise and HP Inc will be able to focus capital deployment and investment strategies and implement an appropriate capital structure to meet the needs of its business."
The news came in the same week that HP's head of Enterprise Group, Bill Veghte was revealed to be leaving the company ahead of the spit.
Veghte, who is also executive vice president at HP, will be leaving "later this summer" to pursue an unspecified "new opportunity", according to HP.
Veghte has been working closely with HP's Separation Management Office since October 2014 to manage the the HP split into Hewlett Packard Enterprise, whihc will focus on software and services, and HP Inc, which will look after hardware and printing products.
Veghte is the second senior HP executive to leave the company before its division after Dave Donatelli quit in 2014 to join Oracle to drive the firm's hybrid cloud expansion.
Veghte will be replaced by Antonio Neri, HP's general manager of technology services, who has been covering the role of Enterprise Group leader while Veghte has been concentrating on the company's split.
Neri will officially take on the role of executive vice president and general manager of Hewlett Packard Enterprise.
Veghte did not reveal his reasons for leaving HP, but said that the decision was not easy.
"It has been a privilege working with [chief executive] Meg [Whitman] and a great leadership team as we transform Hewlett Packard to help customers on their journey to the new style of IT."
Meg Whitman, chief executive of HP, said she was grateful for Veghte's time at the company and praised him for his leadership and insight over the past five years.
"I am grateful for all he did to help me lead HP through the turnaround and into the separation," she said. "I know Bill will continue to enjoy great success in the years to come."
HP will be losing a talented executive from its leadership ranks as Veghte, who joined HP in 2010, brought 20 years of experience working with Microsoft as the senior vice president of Windows.
Veghte oversaw the launch of Windows 7, and managed a significant part of the business.
Author's View: Veghte's imminent departure so close to HP's split could mean one of two things.
Either he feels his work at the company is done and he wishes to move on to pastures new before the official divide, or more controversially he may feel doubtful about the success of the split and working under Whitman when she moves to head up Hewlett Packard Enterprise.
No doubt more will become clear over time, but HP will have to do without one of its senior executives as it pushes ahead with the corporate division.
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