Hewlett-Packard plans to split into two Companies

Hewlett-Packard-HP plans to split into two companies to put more focus on the faster-growing corporate services market.

A wall-street Journal reports, HP will separate its computer and printer businesses from its corporate hardware and services operations, and spin the unit off through a tax-free distribution of shares to stockholders next year.

Founded by Bill Hewlett and Dave Packard in a Palo Alto, California garage in 1939, HP was one of the companies that shaped Silicon Valley and the PC revolution. However, it has struggled lately to adapt to the shift towards mobile computing, and it has been overshadowed by younger rivals-Chinese PC maker Lenovo, which is now world's No. 1 PC maker by shipment.

As reported by Forbes, Current HP lead independent director Patricia Russo would be chairman of the enterprise company. The CEO of the PC and printer company would be Dion Weisler, who is currently an executive in that division, the report said.