Meg Whitman to step down as CEO of HPE

Meg Whitman to step down as CEO of HPE

Meg Whitman to step down as CEO of HPE

Investors weren't enthusiastic about Whitman's planned departure, as HPE shares fell 7.6 percent, to $13.05, in after-hours trading following the announcement. With the drop, HPE has fallen to its lowest intraday level in well over a year.

Hewlett Packard Enterprise CEO Meg Whitman, who partners credit with an impressive turnaround of the company, says HPE President Antonio Neri, who will take the CEO job effective February 1, is "exactly the right person at the right time" to lead HPE into the future.

Beat earnings estimates. The company posted adjusted earnings of $0.29 per share, beating our earnings estimates of $0.28 per share. UBS AG lowered shares of Hewlett Packard Enterprise from a buy rating to a neutral rating and lowered their price target for the stock from $16.00 to $15.00 in a report on Friday, October 20th.

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Shares HPE fainted $1.27, or 9%, to $12.85.

Whitman's tenure was also littered with layoffs.

Whitman entered HP at a perilous time in the company's history. "At the time, she said that she had achieved the main goal she set when becoming CEO in 2011, of turning around a company that was losing ground in all its main markets", reports Richard Waters for Financial Times. The stock was sold at an average price of $13.67, for a total value of $3,404,144.41. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Insiders own 0.87% of the company's stock. Hewlett Packard Enterprise's dividend payout ratio is 144.44%.

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That division is HPE's largest business segment, including servers, storage products, networking and services.

Bloomberg Technology's Gerrit De Vynck and Natalie Wong observe that "since 2009, 19 female CEOs of Standard & Poor's 500 companies have stepped down". She added, "The next leader needs to be a deeper technologist".

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