Wednesday, August 21, 2013

Reuters: Global Markets: HP switches out key executive as third-quarter revenue slides 8 percent

Reuters: Global Markets
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HP switches out key executive as third-quarter revenue slides 8 percent
Aug 21st 2013, 20:38

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A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013. REUTERS/Stephen Lam

A Hewlett-Packard logo is seen at the company's Executive Briefing Center in Palo Alto, California January 16, 2013.

Credit: Reuters/Stephen Lam

Wed Aug 21, 2013 4:38pm EDT

(Reuters) - Hewlett-Packard Co replaced Dave Donatelli with Bill Veghte at the helm of its second-largest business division on Wednesday, reassigning the star executive to a new role identifying potential tech acquisitions as it reported a larger-than-expected 8 percent slide in third-quarter revenue.

The world's largest personal computer maker recorded revenue of $27.2 billion in the fiscal third quarter, down from $29.7 billion a year earlier, as PC sales continued to slide and its enterprise computing business grappled with tepid worldwide IT spending.

It missed the $27.3 billion that Wall Street had expected, on average.

Donatelli, a rising star that Wall Street analysts once considered a candidate for a tech CEO position, relinquishes his post as chief of the Enterprise Group. He will now focus on identifying early-stage technologies for investment, the company said.

Veghte, HP's chief operating officer, takes over effective immediately.

Shares in the company slid more than 2 percent to $24.87 in after hours trade, from a close of $25.38 on the New York Stock Exchange.

(Reporting by Edwin Chan; Editing by Phil Berlowitz)

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