PALO ALTO, Calif. - HP Inc. (NYSE:HPQ), a technology giant with a market capitalization of $30.64 billion and annual revenue exceeding $53 billion, today announced Carol Surface as its new Chief People Officer, with her tenure beginning on March 24. Surface, who previously held the same position at Apple (NASDAQ:AAPL), is recognized for her expertise in building high-performance teams and driving business growth. Her extensive experience includes pivotal roles at global brands such as Medtronic (NYSE:MDT), Best Buy (NYSE:BBY), and Pepsi Co.
Carol Surface will take over from Kristen Ludgate, who retired after a four-year term. Enrique Lores, President and CEO of HP, praised Ludgate's contributions and expressed confidence in Surface's ability to lead the company's workforce development, particularly as HP navigates the evolving landscape of work.
Surface's background is notable for her strategic roles in operational transformations and her ability to foster organizational agility. Her academic credentials include a Ph.D. in industrial organizational psychology from Central Michigan University. In addition to her executive roles, Surface has been an active participant in industry leadership forums, including the HR Policy Association and Gartner (NYSE:IT)'s CHRO Leadership Board. She also serves on the Advisory Board of the University of South Carolina Center of Executive Succession and was recognized as a Fellow of the National Academy of Human Resources in 2020. According to InvestingPro data, HP maintains a strong financial health score of "GOOD" and has consistently paid dividends for 54 consecutive years.
HP Inc., a global technology leader, operates in over 170 countries and offers a diverse portfolio of devices, services, and subscriptions across personal computing, printing, 3D printing, and more. The appointment of Carol Surface as Chief People Officer is part of HP's strategic initiative to develop its culture and talent, which is essential for the company's growth and innovation.
This announcement is based on a press release statement from HP Inc.
In other recent news, Apple and HP Inc. have experienced notable developments. Apple saw a significant 17.3% year-over-year increase in units shipped in Q4, reaching 7.0 million units, according to IDC. This growth propelled Apple's global market share to 10.1%. On the other hand, HP Inc. reported a 2% year-over-year increase in Q4 2024 revenue and a 3% growth in non-GAAP EPS to $0.93.
HSBC downgraded HP's stock from Buy to Hold due to a weaker-than-expected outlook for the first quarter of Fiscal Year 2025 and rising commodity costs. These pressures are expected to impact the company's performance in the first half of the year. However, HSBC noted strong drivers in the PC industry, such as the ongoing PC refresh cycle and the rising adoption of AI-enabled PCs, that could benefit the company in the second half of Fiscal Year 2025.
TD Cowen maintained a Hold rating on HP's stock but increased its price target from $32.00 to $39.00, citing fiscal year 2025 earnings per share (EPS) outlook and free cash flow (FCF) growth expectations. Citi also maintained a Neutral rating but reduced its price target from $37.00 to $36.50, reflecting a slower than anticipated recovery in the PC market.
Despite a projected decline in the print market, HP anticipates growth in the commercial PC market to outpace that of the consumer segment. The company's outlook for fiscal 2025 predicts revenue and non-GAAP EPS growth, with a stronger performance anticipated in the latter half of the year. These are the recent developments in the companies.
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