On Wednesday, the tech giant said in a statement that 61-year-old Flaxman died peacefully at home in the early hours of the morning with family present.
The executive was a long-standing veteran at HP, joining the company in 1981 to serve for over 36 years.
"Jon [...] touched many lives and created a lasting impact on our business, our partners and our organization," HP said. "He will be deeply missed. His impact made him one of the rare and defining leaders in HP's prestigious history."
Flaxman is survived by his wife and three children.
The family, together with HP, intend to launch a scholarship fund at Washington University's Olin School of Business in his memory.