HP Inc. announced Wednesday afternoon that the president of its personal-computer business, Ron Coughlin, is departing the company for a CEO job and will be replaced by Alex Cho. Coughlin has overseen a strong rebound for HP's PC business since Hewlett-Packard split into two companies, HP and Hewlett Packard Enterprise Co. HP's announcement said that Coughlin had accepted a CEO position "outside the technology sector in his hometown of San Diego." His replacement, Cho, has been with HP since 1995, most recently serving as vice president and general manager of the company's Commercial PC business group. "The team and the capabilities Ron has built will benefit our business for years to come," HP CEO Dion Weisler said in the announcement. HP shares slipped about 0.1% in late trading immediately following the announcement; the stock has increased 12.3% so far this year, while the S&P 500 index has gained 4.2% in that time.