HP Inc has appointed Emma Walmsley, the former chief executive of pharmaceutical company GSK, as its new CEO. Walmsley, who has no prior experience running a technology company but served on Microsoft's board, takes the helm as analysts forecast PC market contraction and memory supplies dwindle. HP board chair Chip Bergh praised her leadership experience and strategic thinking.
The appointment comes at a challenging time for HP. In the first nine months of fiscal 2026, revenue rose 10 per cent year-on-year to $44.5 billion, driven largely by PC sales, while the print business shrank. However, global PC shipments fell 20 per cent in the third quarter amid a DRAM shortage that pushed up prices. Analysts are forecasting PC market contraction in terms of unit sales, and things aren't expected to improve in the final three months of the year.
Walmsley spent eight years as CEO of GSK, a pharmaceutical company, and earlier held marketing and general management roles at L'Oreal. Bergh also cited her ability to translate customer insights into new growth.
Walmsley called HP “an iconic company with a defining role in shaping the future of work on a global scale.” She said she was excited to join the team and would focus on harnessing the power of the AI era and putting HP's creativity and innovation to work to unlock new sources of growth and deliver lasting value for customers, shareholders, partners and people.
AI was a beacon of hope for PC makers, but many customers aren't buying into the story for various reasons. During her tenure at GSK, Walmsley dealt with activist investor Elliot Management, which called for her to reapply for the CEO role, claiming her lack of science background was an issue.
HP's previous CEO left the company in February for PayPal. Walmsley will lead HP as it navigates a tough PC market and works to convince customers of the value of AI-powered devices.
Analysis
Why This Matters
- HP is one of the largest PC manufacturers, and a CEO change affects employees, investors and the broader supply chain.
- Walmsley's background in consumer brands and pharmaceuticals may bring a fresh approach to HP, but her lack of tech executive experience could be a concern.
- The PC market is under severe pressure from memory shortages, and the company's strategy for AI could determine its near-term growth.
Background
HP Inc was created after Hewlett-Packard split into two companies. It is a leading supplier of personal computers and printers. Its former CEO left in February 2026. Walmsley spent eight years as CEO of GSK, a pharmaceutical giant, and earlier held roles at L'Oreal. She also served on Microsoft's board. HP's recent performance shows revenue growth in PCs but struggles in printing and a global PC market contraction due to memory chip shortages.
Key Perspectives
- Chip Bergh, HP board chair: praised Walmsley's leadership and strategic thinking, saying she can translate customer insights into growth.
- Emma Walmsley, incoming HP CEO: said she is excited to join HP and focus on harnessing the AI era to drive growth and deliver value.
- Elliot Management, activist investor: previously called for Walmsley to reapply for the CEO role at GSK, questioning her lack of science background.
What to Watch
- How Walmsley's consumer and brand experience shapes HP's product and marketing strategy.
- The PC market's recovery from DRAM shortages and whether it affects HP's revenue growth.
- Whether activist investors target HP if financial performance disappoints.
