HP named Steve Fieler chief financial officer, replacing Cathie Lesjak, effective July 1. Lesjak is becoming chief operating officer on an interim basis ahead of her retirement in early 2019, the company said.
“Having worked with Steve over many years, I have great confidence in his ability to propel us forward and continue to drive profitable growth,” Chief Executive Dion Weisler stated.
Weisler said Fieler has been “in our succession planning for a very long time.”
Fieler currently heads HP’s treasury and corporate finance functions. An 11-year veteran of the company, he was CFO for HP Software before he left in 2014 to become finance chief of Proteus Digital Health. He then returned to HP in January 2017, the company said.
Lesjak, who joined Hewlett-Packard in 1986, is credited with helping HP reinvent itself following its 2015 split, when Hewlett-Packard divided into HP and Hewlett-Packard Enterprise.
“Cathie deserves tremendous credit for helping drive our performance, growth, and reinvention,” Weisler said. “She is a best-in-class leader with incredible commitment to delivering shareholder value and has done an extraordinary job assembling a world-class team. I’m grateful for her continued support and leadership in the COO role.”
Lesjak, who was named a CFO to Watch in 2017, replaces COO Jon Flaxman, who died in March after 36 years with the company.
The executive moves were announced as HP raised its annual forecast. The company reported second-quarter net revenue of $14 billion, up 13% from a year ago. It raised its full-year forecast, helped by strong demand for notebooks and desktops, where revenue rose 14.5%.
According to research firm International Data Corp., HP had 22.6% of the market for global PC shipments in the first quarter. Revenue from its printing business was up nearly 11%, helped by its acquisition of Samsung Electronics’ printer business last year.
Analysts had been predicting revenue of $13.57 billion.