Billionaire Meg Whitman Will Step Down As CEO Of HPE

Meg Whitman speaks with guests before the start of the third U.S. presidential debate in Las Vegas on Oct. 19 2016

HPE's stock was down more than 7% on the news in after market trading - partially on the retirement news but also on a disappointing forecast that that it would produce earnings of only 1 to 5 cents a share in the current quarter. With the drop, HPE has fallen to its lowest intraday level in well over a year.

Hewlett Packard Enterprise (HPE) offered a turbulent earnings report Tuesday as it announced that Chief Executive Meg Whitman will step down on February 1 and forecast current quarter earnings that would fall below views amid a company restructuring. The technology company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.03. Robert W. Baird reaffirmed a "hold" rating on shares of Hewlett Packard Enterprise in a research report on Wednesday. Following the completion of the transaction, the chief executive officer now directly owns 1,016,622 shares in the company, valued at approximately $13,897,222.74.

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With this, Whitman ends her six-year tenure at the firm, which has seen quite an upheaval under her leadership. "In a statement on Tuesday, Ms. Whitman said the original HP had become 'four industry-leading companies that are each well positioned to win in their respective markets, '" Waters reports.

In related news, CEO Margaret C. Whitman sold 1,494,094 shares of the firm's stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $13.67, for a total value of $3,404,144.41. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Hewlett Packard Enterprise's dividend payout ratio is 144.44%.

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TRADEMARK VIOLATION WARNING: This piece was published by Week Herald and is the property of of Week Herald. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Hewlett Packard Enterprise Company is a provider of technology solutions.

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HPE executes against a three-tiered strategy: hybrid IT with a focus on data center, software-defined infrastructure, systems software and private cloud; edge computing for campus and branch networking and the industrial IoT; and advisory, professional and operational services. She added, "The next leader needs to be a deeper technologist".

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