HP Inc. filed a Form 8-K on November 4, 2026, disclosing the appointment of Emma Walmsley as Chief Executive Officer, effective January 4, 2027, along with her compensation arrangements and a bylaw amendment expanding the Board from 12 to 13 directors.

Key Highlights

  • New CEO appointment: Emma Walmsley will become Chief Executive Officer effective January 4, 2027, according to the filing.
  • Annual base salary: The offer letter sets Ms. Walmsley's annual base salary at $1,450,000, with an annual target bonus opportunity of 200% of annual base salary.
  • Inducement equity award: Ms. Walmsley will receive a one-time inducement equity award with an aggregate grant date value of $30,000,000, consisting of RSUs valued at $15,000,000 and PARSUs with a target grant date value of $15,000,000.
  • Sign-on bonus: A separate sign-on bonus of $2,500,000 is provided, subject to prorated repayment under certain termination conditions within 12 months of the start date.
  • Board changes: Bruce Broussard will step down as Interim CEO and be appointed Chair of the Board on January 4, 2027; Chip Bergh will continue on the Board.
  • Bylaw amendment: The Board increased authorized directorships from 12 to 13 to accommodate Ms. Walmsley's Board appointment, effective January 4, 2027.

HP Inc. Discloses Walmsley Compensation Terms and Board Restructuring

According to the filing, HP Inc. (NYSE:HPQ) announced on November 4, 2026 that its Board of Directors appointed Emma Walmsley, age 57, as Chief Executive Officer, with her tenure beginning January 4, 2027. The filing states that Ms. Walmsley most recently served as Advisor to the Board and Chief Executive Officer of GSK plc from January 2026 until September 2026, and previously as Chief Executive Officer of GSK from April 2017 until December 2025. Before GSK, the filing notes she spent 17 years at L'Oreal in a variety of roles, including senior leadership positions. Ms. Walmsley currently serves on the board of directors of Microsoft Corporation, including as a member of the Compensation Committee and the Environmental, Social and Public Policy Committee.

The filing details Ms. Walmsley's compensation package under an offer letter dated November 3, 2026. In addition to her base salary and target bonus, she will receive annual equity awards for fiscal year 2027: RSUs with a grant date value of $6,450,000 and PARSUs with a target grant date value of $15,050,000. These annual awards will not be prorated, the filing states. The Company will also provide relocation benefits of up to $2,500,000 for eligible expenses during her first 12 months of employment. The Board approved the $30,000,000 inducement equity award "in reliance on the employment inducement exemption to shareholder approval provided under Section 303A.08 of the New York Stock Exchange Listed Company Manual," according to the filing.

The filing also discloses that Ms. Walmsley will be eligible to participate in the Company's Severance and Long-Term Incentive Change in Control Plan for Executive Officers, with severance eligibility for two years following the start date on terms no less favorable than those provided under that plan. Concurrently, the Board amended HP Inc.'s bylaws solely to increase the number of authorized directorships from 12 to 13 in connection with Ms. Walmsley's Board appointment, with the amendment effective as of January 4, 2027.

What Was Disclosed

HP Inc. disclosed the appointment of Emma Walmsley as CEO effective January 4, 2027, her full compensation arrangements including a $30,000,000 inducement award and $2,500,000 sign-on bonus, related Board leadership changes, and a bylaw amendment expanding Board size to 13 directors.