Nov. 21 (UPI) -- Hewlett-Packard Chief Executive Officer Meg Whitman announced she will step down from her position next year, the company announced Tuesday.
Whitman, who has been at the helm of the computer hardware manufacturer since 2011, will be replaced by company president Antonio Neri on Feb. 1, 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 press release. "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."
Neri has been with Hewlett-Packard since 1995 as a customer service engineer and was appointed to president in June.
Whitman's announcement comes on the same day the company released its quarterly earnings report.
According to CNBC, Hewlett-Packard posted adjusted earnings of 31 cents per share on revenue of $7.87 billion in its fourth quarter, which slightly exceeded analyst estimates of 28 cents per share on $7.7 billion revenue.
But after the company announced Whitman would step down, shares stumbled by about 6 percent.