HP today officially announced plans to separate into two new publicly traded companies: one comprising HP's enterprise technology infrastructure, software and services businesses, which will do business as Hewlett-Packard Enterprise, and one that will comprise HP's personal systems and printing businesses, which will do business as HP Inc. and retain the current logo. Following the transaction, which HP expects to be completed by the end of fiscal 2015, HP shareholders will own shares of both Hewlett-Packard Enterprise and HP Inc.

The move comes as HP approaches the fourth year of its five-year turnaround plan.

"Our work during the past three years has significantly strengthened our core businesses to the point where we can more aggressively go after the opportunities created by a rapidly changing market," said Meg Whitman, Chairman, President and Chief Executive Officer of HP. "The decision to separate into two market-leading companies underscores our commitment to the turnaround plan. It will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders. In short, by transitioning now from one HP to two new companies, created out of our successful turnaround efforts, we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders."

The separation into independent publicly traded companies will provide each company with its own equity currency, and investors with the opportunity to invest in two companies with financial profiles well suited to their respective businesses.

Meg Whitman, President and Chief Executive Officer of HP, and Cathie Lesjak, Chief Financial Officer of HP, will hold these positions with Hewlett-Packard Enterprise. When the separation is complete, Whitman will also serve on the Board of Directors of Hewlett-Packard Enterprise, and Pat Russo will move from Lead Independent Director of HP to Chairman of Hewlett-Packard Enterprise.

Dion Weisler, Executive Vice President of HP?s Printing and Personal Systems business, will lead HP Inc. as President and Chief Executive Officer. Whitman will serve as non-executive Chairman of HP Inc.?s Board of Directors.

Hewlett-Packard Enterprise will have a portfolio and multi-year innovation roadmap across technology infrastructure, software and services to allow the company's customers to take advantage of the opportunities presented by cloud, big data, security and mobility in the New Style of IT.

The separation will provide additional resources, and a reduction of debt at the operating company level, to support investments across key areas of the portfolio.

HP Inc. will offer personal systems and printers with investments to follow in growth markets such as 3-D printing and new computing experiences.