HP CEO Meg Whitman Announces She’ll Step Down in 2018

Company shares tumble 5 percent in after-hours trading

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Hewlett Packard announced on Tuesday Chief Executive Meg Whitman is stepping down from her post in early 2018, after six years at the helm.

HP President Antonio Neri will succeed her as the company’s next CEO in Feb. 2018.

“Today, Hewlett Packard moves forward as four industry-leading companies that are each well positioned to win in their respective markets,” Whitman said in a statement. “Now is the right time for Antonio 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.”

Shares of HP were down 5 percent after-hours; the company also released its quarterly earnings on Tuesday.

It’s been a rollercoaster ride for HP on Wall Street since Whitman took over in Sept. 2011. Company stock moved from about $22 a share to $40 a share in her first three years on the job, but have since fallen back to around $22 a share on Tuesday.

Before joining HP, Whitman was the Republican candidate for California governor in 2010, a race she lost to Jerry Brown. Whitman has also served as a VP at Disney, and was the CEO of eBay prior to joining HP.