Emma Walmsley is set to become HP’s next chief executive in January, returning to the top job after almost nine years leading pharmaceutical giant GSK.
The appointment will make Ms Walmsley a two-time chief executive of a major multinational, following a career that has taken her through the beauty, healthcare and technology sectors.
She spent 17 years at L’Oréal, working in management roles in four global cities before taking charge of the company’s consumer products business in China. She joined GSK in 2010 and became chief executive of its consumer healthcare division in 2015.
In 2017, she became the first woman to lead a major pharmaceutical company when she took over as GSK’s chief executive.
During her tenure, Ms Walmsley dealt with activist investor pressure, the coronavirus pandemic and the separation of Haleon, GSK’s consumer healthcare business. She also faced criticism from investors over the company’s drug pipeline and shareholder returns.
Her experience in technology has come through her position on Microsoft’s board, which she has held since 2019. Microsoft is a significant player in the personal computer industry in which HP operates.
Emma Walmsley faces fresh challenge at HP
Ms Walmsley’s arrival follows the departure of Enrique Lores, who spent more than three decades at HP after joining as an engineering intern and eventually becoming chief executive. He left for PayPal in February, with Bruce Broussard serving as interim chief for nine months.
HP is seeking to generate growth as artificial intelligence reshapes personal computing. The company is also facing more immediate commercial pressures, including higher memory-chip costs, uncertainty over PC demand and a continuing decline in its printing business.
Her appointment places her among a growing group of executives returning to lead another major company. Other recent examples include Steve Cahillane, who moved from Kellanova to Kraft Heinz in 2026, and Dan Schulman, the former PayPal chief executive appointed by Verizon in 2025.
Starbucks recruited Chipotle chief executive Brian Niccol in 2024, while Papa John’s appointed former Wendy’s chief executive Todd Penegor that year. Mary Dillon, who had previously led US Cellular and Ulta Beauty, became chief executive of Foot Locker in 2022.
Boards have been drawn to executives with experience running large organisations, managing competitive challenges and overseeing corporate transformations. Spencer Stuart said 21 per cent of incoming S&P 1500 chief executives in 2024 had previously led a listed company, an increase of eight percentage points over three years.
However, returning chief executives do not always bring a guarantee of success. A Spencer Stuart study of 855 S&P 500 chief executives found that 70 per cent of those who later led another S&P 500 company had delivered stronger market-adjusted shareholder returns in their first chief executive role.
The researchers also warned that experienced leaders may depend too heavily on strategies that worked in previous jobs. At HP, Ms Walmsley will now have to demonstrate how effectively her experience restructuring GSK can be applied to a technology business facing a different set of competitive pressures.
