01—Abstract
Summary
Summary of the 8-K filed February 3, 2026. Cited figures are marked; the original filing is the authoritative source.
HP Inc. (NYSE: HPQ) announced on February 3, 2026 that Enrique Lores has stepped down as President, Chief Executive Officer and a member of the Board, effective at the end of day on February 2, 2026, to pursue an opportunity outside HP.
The Board appointed Bruce Broussard, a current director, as interim CEO effective February 3, 2026, and formed a CEO Search Committee to identify a permanent CEO. The Board has also retained a leading global executive search firm to assist with that process. Mr. Broussard's interim compensation consists of monthly cash compensation of $362,500a and a one-time sign-on restricted stock unit award with a grant date value of $7,000,000, which cliff-vests on February 3, 2027.
He will not receive additional cash or equity pay for his continued Board service. He resigned from the HR and Compensation Committee, where he chaired, and from the Nominating, Governance and Social Responsibility Committee. The Board also reduced its authorized directorships from 13 to 12, effective February 3, 2026, through a bylaw amendment.
In a related press release, HP reaffirmed its first-quarter and full fiscal 2026 outlook provided on November 25, 2025. For Q1 FY2026 it expects GAAP diluted EPS of $0.58 to $0.66b and non-GAAP diluted EPS of $0.73 to $0.81. For fiscal 2026 it expects GAAP diluted EPS of $2.47 to $2.77, non-GAAP diluted EPS of $2.90 to $3.20, and free cash flow of $2.8 to $3.0 billion.
The outlook reflects added costs from current U.S. trade-related regulations and associated mitigations. HP will hold its Q1 earnings webcast on February 24, 2026.
02—Key points
Key Highlights
- CEO change: Enrique Lores stepped down as President, CEO and Board member effective end of day February 2, 2026, to pursue an outside opportunity.
- Interim CEO: Board member Bruce Broussard, age 63, was appointed interim CEO effective February 3, 2026, and has served as an advisor to Humana Inc. since 2024.
- Interim CEO pay: $362,500 monthly cash compensation plus a one-time sign-on RSU award with a $7,000,000 grant date value, cliff-vesting February 3, 2027.
- Permanent CEO search: The Board formed a CEO Search Committee and retained a leading global executive search firm.
- Board changes: Broussard resigned from the HR and Compensation Committee (where he was Chair) and the Nominating, Governance and Social Responsibility Committee; authorized directorships reduced from 13 to 12.
- Outlook reaffirmed: Q1 FY2026 GAAP diluted EPS of $0.58 to $0.66 and non-GAAP diluted EPS of $0.73 to $0.81; FY2026 GAAP diluted EPS of $2.47 to $2.77 and non-GAAP diluted EPS of $2.90 to $3.20.
- Free cash flow: FY2026 free cash flow expected in the range of $2.8 to $3.0 billion.
03—Questions
Frequently Asked Questions
Why did Enrique Lores leave HP?
The filing states that Mr. Lores elected to pursue an opportunity outside of HP. It does not provide further details.
Who is leading HP on an interim basis, and what is he being paid?
Bruce Broussard, a Board member since 2021, is interim CEO effective February 3, 2026. He receives $362,500 in monthly cash compensation and a one-time sign-on RSU award with a $7,000,000 grant date value. The award cliff-vests on February 3, 2027, subject to continued employment and/or Board service. He receives no additional pay for Board service while interim CEO.
Is HP changing its financial guidance because of the leadership transition?
No. HP reaffirmed its first-quarter and full fiscal 2026 outlook, originally provided on November 25, 2025. The outlook includes GAAP and non-GAAP diluted EPS ranges and expected fiscal 2026 free cash flow of $2.8 to $3.0 billion.
When will HP name a permanent CEO, and how is the search being conducted?
The filing does not give a timeline. The Board has formed a CEO Search Committee and retained a leading global executive search firm to identify the next permanent CEO.
When will HP report first-quarter fiscal 2026 results?
HP will present a live webcast of its conference call on Tuesday, February 24, 2026, at 5:00 p.m. ET / 2:00 p.m. PT, to review results for the quarter ended January 31, 2026.
04—Continue