Vendor hopes to get back on track and clear debts

VIDEO: HP CEO Meg Whitman talks Q3 sales fall, leadership changes

HP has announced a top-level restructure after Q3 2013 sales fell, as explained by president and CEO Meg Whitman in this video.

Third quarter net revenue reached $27.2 billion, down eight per cent year-on-year, while cash flow dipped six per cent to $2.7 billion. Operating company net debt fell to $1.2 billion – down over $10 billion from early 2012.

Whitman said that profitability was "in line with expectations" and that hardware unit sales grew for the first time since 2011.

Bill Veghte, HP COO, will become executive vice president and general manager of the HP Enterprise Group and help develop cloud solutions. Dave Donatelli will take on a new role focused on identifying early-stage technologies, while HP will combine its marketing and communications departments under the leadership of CCO Henry Gomez.

Whitman and Veghte run through the changes in the videos below:

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