Weisler joined HP in 2012 and has served as President and CEO since 2015.
HP has added approximately $7 billion in annual revenue, generated over $13 billion in free cash flow, and has met or exceeded its non-GAAP EPS (earning per share) guidance for 15 consecutive quarters since separation.
"Weisler's decision to step down at this time is due to a family health matter and he will be returning home to Australia. He will work with Lores to ensure a seamless transition and will remain at the company through January 2020.
"Following this, Weisler will continue to serve on HP's board of directors until the next annual meeting of stockholders," the company said in a statement on Thursday.
Weisler will work with Lores to ensure a seamless transition and will remain at the company through January 2020. Following this, Weisler will continue to serve on HP's board of directors until the next annual meeting of stockholders.
"Serving as CEO of HP is the highlight of my career, and I want to thank the entire HP team for the support they have shown me. I'm incredibly proud of what we have achieved and equally confident in where we are heading as a company," said Weisler.
Lores, who will succeed Weisler, has served as President of HP's imaging, printing and solutions business since 2015 which had revenues of over $20 billion for fiscal 2018 and has consistently outperformed the company's printing peer set.
He continues to reinvent HP's print business with a focus on differentiated innovation, business model transformation and strategic M&A including HP's acquisition of Samsung's printer business in 2017.
"The opportunities ahead are vast and the need for us to keep reinventing is more important than ever. I continue to be inspired by our customers, partners and employees, who are turning bold ideas into meaningful innovations," said Lores.
( With inputs from IANS )