Computer maker Hewlett-Packard Co. (NYSE: HPQ) plans to combine its Imaging and Printing Group with its Personal Systems Group, according to the website AllThingsD, citing people familiar with the people.
Perhaps more importantly, longtime H-P veteran Vyomesh Joshi, who has been in charge of the company's printing group since 2002, will leave the company.
H-P is combining the groups to cut costs, streamline operations and approach the groups' combined customer base with unified product offerings, AllThingsD quoted people familiar with the matter as saying.
The new combined group will report to Todd Bradley, currently executive vice president of the PC group.
The Imaging and Printing Group had once been the company's crown jewel, AllThingsD noted. In the most recent quarter, the group's revenue, although down 7 percent from last year, still accounted for 20 percent of H-P's total. H-P remains the biggest player in the printer space.
The company's PC group accounted for 29 percent of total revenue.
In Febuary 2011 Joshi spoke with Fast Company about leading H-P's efforts to become the world's premier printing and content consumption company and navigate the digital realm, which has increased demand for printed materials.
Joshi joined H-P in 1980 as an engineering graduate from Ohio State University.
A few years ago he negotiated a deal with H-P's chief executive at the time, Mark Hurd, to keep a greater percentage of the printing group's profits to invest in its own growth, according to New York Times.
H-P shares closed Tuesday at $23.98, down 36 cents.