HP Chromebook 14 - Red 4

HP said early Monday that it plans to split into two separate companies, HP Inc. and Hewlett-Packard Enterprise, by the end of the 2015 fiscal year. HP Inc. will be home to the company's printer business as well as its personal computing businesses, while Hewlett-Packard Enterprise will house the firm's IT efforts, HP explained.

Current HP CEO Meg Whitman will serve as the president and CEO of Hewlett-Packard Enterprise while Dion Weisler will head up HP Inc. as its president and CEO. Weisler is the current executive vice president of HP's printing business.

"Our work during the past three years has significantly strengthened our core businesses to the point where we can more aggressively go after the opportunities created by a rapidly changing market," HP CEO Meg Whitman said Monday. "The decision to separate into two market-leading companies underscores our commitment to the turnaround plan. It will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders.

HP first announced its restructuring plans in May of 2012, which it revealed its intentions to lay off 27,000 employees. At the time, Whitman said the restructuring would involve changes to streamline the business and "remove complexity" from operations. Splitting in two, while complex, may be best choice for each segment moving forward.