One-Month CEO Search Concludes! HP Inc. (HPQ.US) Brings in Former GlaxoSmithKline plc Sponsored ADR Chief to Tackle Memory Price Hikes and PC Demand Challenges

HP Inc. (HPQ.US) announced that it has hired Emma Walmsley, former Chief Executive Officer of GlaxoSmithKline plc Sponsored ADR (GSK.US), as the company's new Chief Executive Officer (CEO), officially filling the CEO vacancy left by Enrique Lores' departure earlier this year. In a statement on Wednesday, HP Inc. said Walmsley's appointment will take effect on January 4. She will succeed Bruce Broussard, who was appointed interim CEO when Lores left in February to lead PayPal (PYPL.US). Broussard will become Chairman of the Board in January next year. Walmsley, who also serves on the board of Microsoft Corporation (MSFT.US), spent nearly nine years as CEO of the British pharmaceutical company GlaxoSmithKline plc Sponsored ADR and was one of the few female chief executives among FTSE 100 constituents. During her tenure, she led the company through the pandemic, oversaw the launch of its RSV vaccine and the spin-off of its consumer business into Haleon Plc (HLN.US). Company sales grew substantially and R&D investment doubled, although the share pricedown about 10% during her tenuredisappointed investors considerably. In her new role, Walmsley will need to lead HP Inc. in coping with the impact of unprecedented increases in memory chip costs, which have already forced the company to raise prices on multiple PCs and redesign other products. The company said late last year that it would cut 4,000 to 6,000 jobs by fiscal 2028 through greater use of artificial intelligence (AI) tools. In its third-quarter earnings announcement in August this year, HP Inc. raised its quarterly profit forecast, but investors reacted tepidly, with core market concerns focused on the long-term demand outlook for PCs and printers. In pre-market trading on Wednesday, HP Inc. shares rose about 2%. During her time at GlaxoSmithKline plc Sponsored ADR, Walmsley faced activist shareholder pressure launched by Elliott Investment Management, which questioned whether Walmsley, lacking a scientific research background, was suitable to lead GlaxoSmithKline plc Sponsored ADR, but she ultimately withstood the challenge. Walmsley also completed several major transactions during her leadership of GlaxoSmithKline plc Sponsored ADR, and she once cautioned that M&A deals must be pursued prudently because "in the pharmaceutical industry, nothing destroys the R&D system more than aggressively pursuing synergies."