Hewlett-Packard (HP) has announced it is to split itself into two companies, one focused on its personal computer and printing business, and another on technology services, such as data storage, servers and software, as it aims to drive stronger profitability.
The California-based company said that the personal computer and printer business will use the name HP Inc, and the services business will take the name Hewlett-Packard Enterprise.
HP said in May that it was cutting an additional 11,000 to 16,000 jobs on top of 34,000 reductions planned under a programme begun in 2012.
The shift has curbed demand for HP's desktop and laptop computers, as well as its printers.
The Wall Street Journal newspaper said that under the planned split, current HP chief executive Meg Whitman will lead the Enterprise business.
Dion Weisler, an executive in the PC and printer operation, is to be chief executive of HP Inc, the report said.
Founded by Bill Hewlett and Dave Packard in a Palo Alto, California garage in 1939, HP was one of the companies that helped shape Silicon Valley and the personal computer revolution.
Last week, US online retail giant eBay unveiled plans to spin off PayPal in a move designed to help the unit compete better in the fast-moving online payments segment.