The following appears on Forbes.com
Computer and printing giant Hewlett-Packard said Monday morning that it plans to split into two separate publicly traded companies, confirming the speculation that broke out over the weekend. The company also confirmed its plan to cut another 5,000 jobs and pledged to invest the money saved from the lower headcount into research and development. Wall Street is cheering the news, sending the stock for a more-than 5% gain in early Monday trading.
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By the end of 2015, the HP of today will no longer exist; the tech giant will split itself into one company focused on servers, software and cloud technology, and one company focusing on the legacy computers and printers business. The cloud-focused company, to be named Hewlett-Packard Enterprise, will be led by current CEO Meg Whitman; the computer-and-printer-focused business will be named HP Inc and led by Dion Weisler, who is currently serving as executive vice president of HP’s printing and personal systems business. Whitman will serve as non-executive chairman of HP Inc’s board of directors.
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