Meg Whitman, CEO of Hewlett Packard Enterprise, is planning to step down early next year, according to CNBC.
Current Hewlett Packard President Antonio Neri will take over the role of CEO, effective Feb. 1, 2018. Both Mr. Neri and Ms. Whitman will serve on its board.
"Today, Hewlett Packard moves forward as four industry-leading companies that are each well positioned to win in their respective markets," Ms. Whitman said in a statement, according to CNBC. "Now is the right time for [Mr. Neri] and a new generation of leaders to take the reins of HPE. I have tremendous confidence that they will continue to build a great company that will thrive well into the future."
Mr. Neri has been with the company since 1995, holding positions at various levels.
"HPE is in a tremendous position to win, and we remain focused on executing our strategy, driving our innovation agenda and delivering the next wave of shareholder value," he said in a statement, CNBC reports.
HPE shares fell more than 6 percent hours after the announcement.