Hewlett Packard Enterprise announces CFO transition plan

Hewlett Packard Enterprise (NYSE: HPE) today announced that it has accepted the resignation of Tarek Robbiati, executive vice president and CFO, effective August 25, 2023. Robbiati is departing the company to accept the chief executive officer role at RingCentral, Inc. HPE has named Jeremy Cox, senior vice president, corporate controller and chief tax officer, as interim chief financial officer while the company and its Board of Directors conduct a search for a new CFO.

“Tarek joined HPE as CFO shortly after I became CEO, and he has been an incredible strategic partner as we have transformed HPE to be the edge-to-cloud company,” said Antonio Neri, president and CEO of Hewlett Packard Enterprise. “Together, we have shifted our portfolio toward higher-growth, higher-margin segments, and we are in a strong position to capitalize on significant market opportunities at the edge, in hybrid cloud and with A.I. We wish Tarek all the best as he takes the next step in his career as a CEO.”

“I reflect on my almost five-year tenure at HPE with great pride,” said Robbiati. “I had the opportunity to work with a talented team as we transformed an iconic company to a platform-based model, fueled by a software- and services-rich portfolio. We have strengthened our financial profile that has enabled HPE’s continued success in the market. And, I know the company is well positioned for future success.”

Robbiati joined HPE as CFO in September 2018. During his tenure, HPE has, among other things, increased its gross margins, operating profit margin, and free cash flow, and completed several strategic acquisitions. Prior to joining HPE, he was CFO at Sprint Corp.

Financial Outlook

HPE reaffirms financial guidance for revenue and non-GAAP diluted net earnings per share for the third quarter and for revenue growth rate on a constant currency basis, non-GAAP diluted net earnings per share, non-GAAP operating profit growth rate, and free cash flow for fiscal 2023. At this time, HPE is unable to update its estimates of GAAP diluted net earnings per share for the third quarter or GAAP diluted net earnings per share and GAAP operating profit growth rate for fiscal 2023. Due to the timing of quarter-end accounting processes and procedures, HPE has not completed calculations of applicable adjustments necessary for these GAAP metrics, including effective tax rate, and HPE cannot do so without unreasonable efforts.