Nov. 4, 2026 — HP Inc. has appointed former GlaxoSmithKline (GSK) chief executive Emma Walmsley as its next CEO, bringing in an experienced corporate restructuring leader to navigate a global memory-chip shortage and a struggling personal computer market.
Walmsley, who also served on Microsoft’s board, will take over on January 4, succeeding interim CEO Bruce Broussard. Broussard will become board chair, replacing Chip Bergh.
HP shares rose 6.6% following the announcement. The Palo Alto, California-based company’s stock had already gained nearly 27% so far this year through Tuesday’s close.
Walmsley Brings Corporate Restructuring Experience
Walmsley led GSK from 2017 until December 2025, overseeing a major corporate restructuring that included the separation of its consumer healthcare business, Haleon.
Her appointment marks a significant leadership choice for HP. Although she has no direct experience managing a technology hardware company, her seven years on Microsoft’s board represent her closest connection to the technology industry.
Before joining GSK, Walmsley spent 17 years at L’Oréal and previously led the pharmaceutical company’s consumer health division.
Market observers say her experience managing a large organization through structural changes could be valuable as HP works to adjust its business model and protect profitability.
“Walmsley has no background in hardware, but she has experience steering a large company through a major restructuring, including the separation of Haleon from GSK, and that is closer to what HP needs,” said Vitor Madeira, senior market specialist at Capital.com.
Walmsley’s appointment also brings back questions about her ability to lead outside her previous areas of expertise. Before GSK’s Haleon spinoff, activist investors Elliott and Bluebell questioned whether she could successfully lead the remaining pharmaceutical business without the relatively steady consumer health revenue.
Those concerns centered on her limited pharmaceutical experience at the time, given her background in consumer healthcare and cosmetics.
Memory Chip Shortage Puts Pressure on PC Makers
HP faces a difficult operating environment as a global memory-chip shortage drives up component prices and squeezes the personal computer industry.
The shortage is being intensified by massive artificial intelligence data center investments, which are absorbing much of the available memory-chip capacity.
HP is not alone in facing the pressure. Competitors Dell Technologies, Apple and Lenovo are also navigating higher memory costs and supply constraints.
The impact was visible in HP’s third-quarter results released in August. PC shipments declined 16%, even as revenue from the unit increased 18%. The company attributed the revenue growth to a shift toward more expensive, higher-margin products, including AI-enabled PCs.
Despite that product mix improvement, the broader market outlook remains challenging.
In a September filing with the U.S. Securities and Exchange Commission, HP said it would not provide a financial outlook for fiscal 2027. The company also assumed that industry-wide PC unit volumes would decline by a mid-single-digit percentage next year.
Profitability and AI Devices Will Be Key Tests
Walmsley’s immediate challenge will be protecting HP’s margins while component costs remain elevated and demand across the traditional PC market remains weak.
Madeira said her ability to maintain profitability during the downturn will be a critical measure of her leadership. He also pointed to the importance of finding growth opportunities beyond conventional personal computers, particularly AI-enabled devices, before memory costs begin to ease.
The appointment comes as HP attempts to reposition its product portfolio around changing customer needs and the growing demand for AI-capable hardware.
Walmsley will need to combine her experience in corporate transformation with a deeper understanding of the technology hardware market as she takes charge of the company.
For HP, the leadership transition represents an effort to strengthen its position during an industry-wide downturn while preparing for the next phase of personal computing.
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