HP is moving forward with plans to split into two companies by the end of 2015, filing paperwork to create a new entity that will sell commercial technology, while a separate spin-off will sell personal computers and printers.
According to HP CEO Meg Whitman -- who will lead the new enterprise company -- the split remains on track to occur by November, with both HP Inc and HP Enterprise to operate as independent, publicly traded companies.
HP said in a regulatory filing on Wednesday that the new HP Enterprise company will include units of the old HP that sold computer hardware, software, and tech services for large organisations.
The division of the company has been looming for a while, with HP previously toying with the idea of spinning off the PC business in 2011 when its then-CEO Léo Apotheker took on Autonomy Corp for $11.1 billion. When he resigned, the idea of the spin-off went with him. Instead, HP was left with the repercussions of the acquisition.
British software company Autonomy Corp was subsequently investigated by the US Department of Justice for "serious accounting improprieties, disclosure failures, and outright misrepresentations". HP reached a settlement last month, agreeing to pay $100 million into a settlement fund used to compensate HP shareholders who purchased company stock between August 19, 2011, and November 20, 2012.
HP confirmed its plan to split last October, with Whitman saying that separating into two companies would give each the independence, focus, financial resources, and flexibility needed to adapt quickly to market and customer dynamics.
Following the news of the split and the exit of its previous CEO, the PC maker unveiled its new leadership structure in January this year. Whitman will continue her role as CEO at HP Enterprise, as would chief financial officer Cathie Lesjak. Dion Weisler was appointed as president and CEO of HP Inc.
This week, one of HP's senior executives, Bill Veghte, resigned to pursue an unspecified new opportunity.
Over the past few months, HP also announced plans to enter the 3D printing market in 2016, bolstered its big data strategy with Haven OnDemand, launched a virtual-reality display dubbed HP Zvr, expanded its server and storage capabilities with its Gen9 servers, and recently added a series of applications for its Sprout immersive PC in a bid to woo more creative professionals, as well as children.