By Sophie Lindqvist

Emma Walmsley will become a two-time CEO of a major multinational when she takes over HP in January, crossing three industries to lead the personal-computing group.

HP has chosen the former GSK chief for a test defined by immediate commercial constraints, not only her reputation. The company says it needs to “unlock growth” as artificial intelligence (AI) transforms personal computing, but analysts point to rising memory-chip prices that squeeze manufacturers, uncertain personal-computer demand and continued contraction in printing.

A career built for board scrutiny

Walmsley spent 17 years at L’Oréal, holding management posts in four global cities before running consumer products in China. She joined GSK in 2010, became chief executive of consumer healthcare in 2015 and chief executive of GSK in 2017. Her appointment made her the first woman to lead a major pharmaceutical company.

Her nearly nine years at GSK included activist pressure (shareholders pressing management for change), the pandemic, and the separation of Haleon, GSK’s consumer healthcare company. Investors also criticized GSK’s drug pipeline (the flow of new medicines toward approval) and shareholder returns. That record strengthens her credentials, but it does not establish that those skills transfer directly to HP’s present constraints.

Since 2019, she has served on Microsoft’s board, gaining exposure to technology and to a company central to HP’s personal-computer business. The connection may aid her understanding of HP’s market, but board service is exposure rather than proof of operating experience in HP’s competitive environment.

Her move follows a different internal transition. Enrique Lores rose from HP engineering intern to chief executive during more than three decades at the company before leaving for PayPal in February. HP then spent nine months under interim chief Bruce Broussard before selecting Walmsley, whose career did not begin inside HP.

Boards are choosing repeat leaders

Walmsley joins a prominent group of executives recruited for another chief executive role. Their appointments reflect boards’ preference for leaders with records of running large organizations, handling competitive pressure and leading corporate transformations. That preference does not prove repeat executives understand each new company’s specific economics.

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

The wider market supports this pattern. Spencer Stuart found that 21% of incoming S&P 1500 CEOs in 2024 had previously led a public company, up eight percentage points over three years. The S&P 1500 (a broad index of large and mid-sized US companies) is the base for that comparison.

The warning behind repeat leadership

Another Spencer Stuart study complicates the case for repeat CEOs. Among 855 S&P 500 CEOs (chief executives of large US companies), 70% of those who later led another S&P 500 company delivered stronger returns in their first role. The market-adjusted shareholder returns (performance relative to broader market movements) point to a favorable record.

The result supports repeat leadership, but it does not isolate Walmsley’s ability to lead HP. Researchers warned that experienced CEOs can rely too heavily on familiar strategies. For Walmsley, restructuring GSK helped establish her credentials, but HP requires a different playbook. Her task is to apply what she knows without treating pharmaceuticals, consumer goods and technology as interchangeable.

What does this change for HP?

For employees, suppliers and investors, the appointment changes who is accountable for execution, not the near-term operating case. Walmsley brings restructuring experience, international management depth and Microsoft board exposure. The available information provides no plan, target or timetable for AI-related growth or for easing memory-chip costs, personal-computer demand uncertainty and printing contraction.

That distinction matters because HP’s stated growth challenge centers on AI, while immediate pressures sit in memory-chip costs, demand uncertainty and the contracting printing business. No evidence yet establishes whether Walmsley can change that balance.

The Spencer Stuart data supports confidence that repeat executives are a common board choice and have often produced stronger first-role returns. It does not turn Walmsley’s record into a forecast for HP. Her first test will be whether she sets a credible path through near-term constraints without repeating strategies built for a different industry.