The CEO of HP is stepping down 'due to a family health matter,' and will be replaced by an exec who started at the company as an intern

• HP CEO and President Dion Weisler is stepping down "due to a family health matter" and will be returning to his home in Australia, the company announced.
• He will be replaced by Enrique Lores, an HP veteran who currently leads the company's printer business. He joined HP as an engineering intern in the late 1980s.
• Lores helped lead the separation of Hewlett Packard in 2015 which led the creation of two companies, HP and Hewlett Packard Enterprise.
• HP posted fiscal third quarter results that were better than expected, but the company's stock was down about 5% in late trades.
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HP CEO and President Dion Weisler is stepping down "due to a family health matter," the tech giant announced Thursday. He will be replaced by Enrique Lores, who currently leads the company's imaging and printing business.

HP shares were down nearly 5% at $18 in late trades, even as the company posted slightly better-than-expected results. HP also reported fiscal third quarter earnings of 58 cents a share on revenue of $14.6 billion. Wall Street analysts were expecting 55 cents a share on revenue of $14.6 billion.

"Weisler's decision to step down at this time is due to a family health matter and he will be returning home to Australia," HP said in a statement.

Weisler joined HP in 2012 to lead its printing and personal systems division. He was named CEO and president of HP after the split of Hewlett Packard into two companies, one focused on the consumer market and the other, Hewlett Packard Enterprise, competing in the business technology space.

Lores, Weisler's successor, is a Hewlett Packard veteran who joined the Silicon Valley giant in 2001, as an engineering intern. He went on to play a key role in managing the separation of the company in 2015, and had led HP's printing business since then.

Weisler will give up the CEO post on Nov. 1, but will remain at HP through January 2020.

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