HP CFO Cathie Lesjak leaves post at short notice

  • Push-out Score suggests push-out forces
  • After almost 12 years in the position
  • Accolades, praise and thanks for Lesjak
  • Steve Fieler taking over
  • Lesjak will remain as interim Chief Operating Officer at HP

(exechange) — Palo Alto, California, May 29, 2018 — This news came the day after Memorial Day. Cathie Lesjak, finance chief of HP, leaves the position. It is a change at short notice. As announced by HP Inc. in a news release and in a regulatory filing published on Tuesday, May 29, 2018, Catherine A. (Cathie) Lesjak leaves her post as Chief Financial Officer at the printer and personal-computer maker after almost 12 years in the position, effective July 1, 2018.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange. Only 26 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.

Lesjak’s move comes 11 months after Chip Bergh took over as Chairman of HP Inc.

Lesjak’s duties will be taken over by Steve Fieler, currently Head of Global Treasury of the Company of HP Inc.

Lesjak will remain as interim Chief Operating Officer at HP

Cathie Lesjak will assume the role of interim Chief Operating Officer.

Lesjak plans to serve as interim COO until her retirement, planned for some time in early calendar 2019.

On March 28, 2018, HP announced the passing of Jon Flaxman, HP Inc. Chief Operating Officer.

Share price rise since February 2016

The change follows a rise in the share price of HP Inc. since February 2016.

Chaired by Chip Bergh

HP Inc. is chaired by Chip Bergh.

Chip Bergh was named Board Chair in July 2017. He previously served as Lead Independent Director of the Board since March 2017 and joined the Board in 2015.

CEO: Dion Weisler

Dion Weisler serves as CEO of HP Inc. Dion J. Weisler has been the Chief Executive Officer and President of HP Inc. since November 1, 2015.

In the position of CFO since 2007

Catherine A. Lesjak has been the Chief Financial Officer and Executive Vice President of HP Inc. since January 01, 2007.

Lesjak has served in a wide range of prominent leadership roles in her 32 years at HP, including acting CEO of Hewlett Packard Company.

In 2007 she was named CFO, a position she held until the company separation, at which time she became CFO of HP Inc.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Cathie Lesjak’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 23.2018 ($).