Expect executive shakeup at HP amid Q3 earnings report

The game of musical chairs continues at the top leadership tier of Hewlett-Packard.

HP's Dave Donatelli

Things could be either looking up (or really, really bad) as Hewlett-Packard prepares to publish its third quarter earnings report after the bell on Wednesday.

See also: HP: Q3 likely to show more revenue erosion

Multiple reports are circulating that CEO Meg Whitman is changing up her staff.

But rather than showing anyone the door, it looks more like a game of musical chairs in the C-suite at HP.

Specifically, it is expected that HP will announce chief marketing officer Marty Homlish and Dave Donatelli, head of the enterprise group at HP, will both be headed to other units within the company.

Whitman has never shied away from admitting that HP requires changes -- albeit sometimes drastic and severe ones.

Given that analyst expectations for certain departments -- namely the enterprise group -- aren't good, all of these threads could easily be tied together.

During the Q2 earnings call in May , Whitman didn't mince words when acknolwedging that the enterprise software and storage units needed to work harder.

This time around, revenue for the enterprise unit is projected to drop by roughly 10 percent as x86 server sales continue to fall.

Overall, Wall Street is expecting HP to report a third quarter non-GAAP profit of 86 cents a share on revenue of $27.3 billion.

We'll know more after the third quarter report drops after the market closes at 1PM PT/4PM ET.

Whitman is also expected to speak during the conference call, scheduled for 2PM PT/5PM ET.