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HP Realigns To Create Printing And Personal Systems Group - Quick Facts

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HP (HPQ: Quote) announced an organizational realignment to improve performance and drive profitable growth across the entire HP portfolio. HP said its Imaging and Printing Group or IPG and its Personal Systems Group or PSG are joining forces to create the Printing and Personal Systems Group, while the combined entity would be led by Todd Bradley, who has served as the executive vice president of PSG since 2005.

Vyomesh Joshi, executive vice president of IPG, is retiring after a highly accomplished 31-year career at HP.

The company said that combining these two entities would rationalize its go-to-market strategy, branding, supply chain and customer support worldwide. HP said this realignment is anticipated to provide opportunities for cost savings and accelerate HP's ability to pursue profitable growth and reinvest in the business. Further to combining PSG and IPG, HP also is taking steps to unify and streamline certain key business functions.

Also, HP said it would unify its Marketing functions across business units under Marty Homlish, executive vice president and chief marketing officer, HP.

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by RTT Staff Writer

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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