Emma Walmsley brings two CEO roles and three industries to HP

By Sophie Lindqvist

What does January bring for HP?

Emma Walmsley will become a two-time chief executive of a major multinational when she takes over HP in January, after nearly nine years leading GSK. Her route spans three industries: consumer goods, pharmaceuticals and technology.

Fortune presents the trajectory as a case study in how executives build credentials attractive to boards. Boards reward repeated evidence of execution; they are less generous with promises.

What experience does Walmsley bring?

She spent 17 years at L’Oréal, held management positions across four global cities and ran its consumer-products business in China. She joined GSK in 2010, became chief executive of consumer healthcare in 2015 and took the group’s chief executive role in 2017, becoming the first woman to lead a major pharmaceutical company.

Fortune reported that during nearly nine years, Walmsley handled activist pressure (investor campaigns pressing for change), the pandemic and the separation of Haleon, GSK’s consumer healthcare company. She also faced investor criticism of GSK’s drug pipeline (experimental medicines awaiting approval) and returns for shareholders.

Since 2019, Walmsley has served on Microsoft’s board, gaining exposure to technology and to a company central to HP’s personal-computer business. The board seat supplies a technology credential that her consumer-goods and pharmaceutical résumé did not provide.

Why is HP changing leaders?

Her appointment follows Enrique Lores, who rose from engineering intern to chief executive during more than three decades at HP before leaving for PayPal in February. HP then spent nine months under interim chief Bruce Broussard before choosing a leader with a markedly different trajectory.

A nine-month interim period, meanwhile, complicates the neat succession story. HP says it must unlock growth as artificial intelligence (AI) transforms personal computing, while analysts cited by Fortune identify more immediate constraints: manufacturers face pressure from rising prices for memory chips (components that store data on devices), analysts see uncertainty in personal-computer demand, and printing continues to contract.

Who else is returning to the chief executive role?

The appointments form a recognisable pattern of boards recruiting executives for another turn:

• Kraft Heinz appointed former Kellanova chief Steve Cahillane in 2026.
• Verizon tapped former PayPal chief Dan Schulman in 2025.
• Starbucks recruited former Chipotle chief Brian Niccol in 2024.
• Papa John’s hired former Wendy’s chief Todd Penegor in 2024.
• Foot Locker appointed Mary Dillon, former leader of U.S. Cellular and Ulta Beauty, in 2022.

These moves reflect demand for executives with records of running large organizations, managing competitive pressure and leading corporate transformations, according to Fortune. The preference for seasoned executives is broadening rather than merely renewing itself.

Does a second chief executive role improve the odds?

According to Spencer Stuart, 21% of incoming S&P 1500 chief executives (leaders drawn from an index spanning large- and mid-cap companies) in 2024 had previously led a public company, up eight percentage points over three years. The eight-percentage-point increase supports Fortune’s broader account of boards favoring executives with established records.

A Spencer Stuart study of 855 S&P 500 chief executives (the index of large-company stocks) found that 70% of those who later led another S&P 500 company delivered stronger market-adjusted shareholder returns (performance measured against the broader market) in their first role. The finding directly matches Walmsley’s move between two large-company chief executive roles.

Spencer Stuart’s researchers warned that experienced chief executives can rely too heavily on familiar strategies. For Walmsley, restructuring GSK helped establish her credentials, according to Fortune.

HP now tests whether those skills transfer from pharmaceuticals to technology, where competitive pressures differ. Her record supports the board’s choice. The operating result will settle whether the logic travelled intact.