HP announces Lesjak successor, financials

May 30, 2018

The OEM has announced that Steve Fieler will become the company’s new CFO, and has also revealed a healthy picture in its Q2 financial results for the current year.

Steve Fieler has been named as HP Inc.’s new Chief Financial Officer, replacing Cathie Lesjak, who has become the OEM’s Chief Operating Officer on an interim basis.

Fieler brings over two decades of experience to the CFO role, currently leading the treasury and corporate finance functions for the OEM, including responsibilities for cash, debt, and risk management, as well as financial planning and analysis, investor relations, and corporate development.

He has worked for HP, and the Hewlett Packard Company, for eleven years, in a variety of positions in finance and operations, leaving briefly to become CFO at Proteus Digital Health, a digital medicine company. He holds a Bachelor’s Degree in Economics from Brown University, and a Master’s in Business Administration from Harvard Business School.

Fieler succeeds Cathie Lesjak, who has made Interim COO her latest leadership role in a career that has also seen her become Acting CEO of HPC. She plans to continue in the post until her retirement early next year.

Dion Weisler, HP’s President and CEO, paid tribute to Lesjak, whilst also speaking of his confidence in her successor.

“Cathie deserves tremendous credit for helping drive our performance, growth and reinvention,” said Weisler. “Our strategy is working, the team is focused, and we’re firing on all cylinders. She is a best-in-class leader with incredible commitment to delivering shareholder value and has done an extraordinary job assembling a world-class team. I’m grateful for her continued support and leadership in the COO role.”

Weisler also described his “tremendous partnership” with Lesjak, and stated he was “looking forward to the same collaboration with Steve.”

“Having worked with Steve over many years, I have great confidence in his ability to propel us forward and continue to drive profitable growth,” the CEO explained. “He has a deep understanding of our global business, a stellar operational and financial track record, and valued relationships within the investment community.”

The OEM has also published its financial results for the second quarter of the current financial year, with growth in the company’s net revenue.

Net revenue rose by 13 percent year-on-year, from $12.4 billion (€10.6 billion) in Q2 2017 to $14 billion (€12 billion) in 2018, whilst there was even better news for HP’s net earnings, which increased by 89 percent to $1.1 billion (€945.2 million), from $600 million (€515.5 million) in the same period the year before.

Earnings from operations also rose slightly, from $818 million (€702.5 million) in 2017 to $964 million (€827.9 million) in 2018.