Ketan Patel
HPAbout Ketan Patel
Ketan Patel is President, Personal Systems at HP Inc., appointed effective November 1, 2025, after more than 20 years at HP, most recently as SVP & Chief Operating Officer for the Global Personal Systems Category . He holds a degree in Electronics Engineering (University of Pune), a Special Management Program credential (IIM Kolkata), and a Graduate Diploma in International Business (Helsinki School of Economics) . Context on HP’s recent operating performance: FY24 non-GAAP operating profit was $4.5B and non-GAAP free cash flow was $3.3B; HP is #1 in PCs ex‑China per IDC CQ3’24, with 22k+ patents and operations in 170+ countries .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HP Inc. | SVP & Chief Operating Officer, Global Personal Systems Category | 2023–2025 (approx.) | Led end‑to‑end operations across consumer and commercial portfolios, driving execution and market expansion . |
| HP Inc. | Managing Director, Greater India Market | 2020–2022 | Grew Personal Systems and Print in India; leadership profile featured publicly . |
| HP Inc. | VP & Head of Personal Systems, Greater Asia and APJ Commercial PCs | Pre‑2020 (not disclosed) | Regional leadership across APJ driving profitable growth and share gains . |
| HP Inc. | Various leadership roles (career since April 2005) | 2005–present | Multi‑geography execution, transformation and operational excellence . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wipro Infotech / Wipro Peripherals | Leadership roles | Not disclosed | Drove growth in printing businesses in India prior to HP tenure . |
| TVS Electronics | Leadership role | Not disclosed | Contributed to India printing ecosystem development . |
Fixed Compensation
Role precedent for President, Personal Systems (FY2024, Alex Cho):
| Component | FY2024 Value/Policy | Notes |
|---|---|---|
| Base Salary ($) | $827,600 | Approved for Alex Cho at FY24 year‑end . |
| Target Annual Incentive (% of base) | 135% | Applies to CFO, President Personal Systems, President Imaging Printing & Solutions roles . |
Performance Compensation
Fiscal 2024 annual incentive design (applies to ELT roles including President, Personal Systems):
| Metric | Weight | Target ($ in billions) | Actual ($ in billions) | % of Target Funded |
|---|---|---|---|---|
| GAAP Net Revenue | 25% | 53.6 | 53.6 | 24.9% |
| Adjusted Non‑GAAP Operating Profit | 25% | 5.1 | 4.8 | 17.1% |
| Non‑GAAP Free Cash Flow | 25% | 3.4 | 3.3 | 24.3% |
| Subtotal (Financial) | 75% | — | — | 66.3% (reduced to 60% by HRC Committee) |
| MBOs (Culture/Leadership, People, Sustainable Impact) | 25% | Various | Various | Individualized; President Personal Systems MBO funded at 17.5% in FY24 (Alex Cho) |
FY2024 annual incentive payout (role precedent):
| Executive (Role) | Financial Metrics (%) | MBOs (%) | Total (% of Target) | Payout ($) |
|---|---|---|---|---|
| Alex Cho (President, Personal Systems) | 60.0 | 17.5 | 77.5 | 865,877 |
Long‑term incentives (program architecture relevant to 2025 and beyond):
- Mix shifted to emphasize PARSUs (performance‑based RSUs) and RSUs; stock options component eliminated to simplify and align with peers .
- FY2024 PARSU payouts averaged 52% on EPS; TSR modifier ~69th percentile produced no incremental payout; PCSOs vest contingent on stock price hurdles and service; one FY2022 PSCO tranche forfeited for not meeting hurdle .
Equity Ownership & Alignment
| Policy/Item | Detail |
|---|---|
| Stock Ownership Guidelines | CEO: 7x base salary; Section 16 officers reporting to CEO: 5x base salary; 5‑year window to comply; RSUs count, options do not (from FY2021); PARSU shares in ongoing cycles do not count . |
| Hedging/Pledging | Prohibited for employees, executive officers, Directors; limited exceptions for margin accounts/pledging not applicable to executive officers . |
| Clawbacks | HP maintains a Mandatory Recovery Policy and a Clawback Policy . |
| Beneficial Ownership | No specific disclosure for Ketan Patel in FY2024 proxy ownership tables (appointed in late 2025); therefore, vested/unvested breakdown and % of shares outstanding are not disclosed for Patel . |
Employment Terms
| Provision | Economics/Terms |
|---|---|
| Severance Plan (SPEO) multiples | CEO: 2.0x base + average actual annual incentives (or target if <3 years); Other NEOs/Section 16 officers: 1.5x; cap does not exceed 2.99x salary+target bonus; plus lump‑sum health stipend equal to 18 months’ COBRA . |
| Annual Incentive in Severance | Pro‑rata annual incentive based on actual results outside change‑in‑control; target basis within 24 months post change‑in‑control . |
| Equity vesting on termination | Involuntary not for cause: pro‑rata vesting (performance‑based equity vests only if applicable conditions satisfied); Death/Disability: full vesting of RSUs and PARSUs at target; Retirement: pro‑rata PARSUs based on actual performance . |
| Change‑in‑Control (CIC) | Double trigger for cash severance; full vesting of options/RSUs/PCSOs/PARSUs upon involuntary termination not for cause or Good Reason within 24 months of CIC; if awards not assumed, modified double trigger applies; PARSUs/PCSOs vest on actual for completed periods and target for uncompleted periods; PCSOs exercisable for one year post termination . |
| Severance Policy (2.99x cap) | Board policy (since 2003) to seek shareholder approval for packages exceeding 2.99x salary+target bonus; equity acceleration inconsistent with company practice counts against cap; no tax gross‑ups . |
Investment Implications
- Alignment and incentives: Role design ties 75% of annual cash incentive to financial metrics and 25% to MBOs; President Personal Systems target bonus is 135% of salary, signaling high at‑risk pay alignment with revenue, operating profit, and free cash flow drivers .
- Retention risk and severance: SPEO provides standard protection (1.5x cash for Section 16 officers, COBRA stipend, pro‑rata equity), with CIC double trigger—competitive but disciplined given the 2.99x cap and clawback policies; absence of tax gross‑ups reduces governance risk and headline severance inflation .
- Equity and selling pressure: LTI architecture emphasizes PARSUs/RSUs with no new options, reducing option‑related exercise pressure; RSU releases could create scheduled sale events, but hedging/pledging restrictions materially limit misalignment risk; ownership guidelines (5x salary) support skin‑in‑the‑game over a 5‑year horizon .
- Execution signals: The FY2024 plan showed HRC discretion to reduce financial funding (to 60%) for parity, indicating governance rigor; FY2024 President Personal Systems precedent payout (77.5% of target) frames expectations for Patel’s future payouts under similar designs .
- Track record and domain expertise: Patel’s multi‑region operating background (India/APJ, COO Personal Systems) and electronics/management education align with HP’s AI PC strategy and hybrid computing growth vectors, which could be supportive for segment execution and TSR over his tenure .
Note: Specific Form 4 insider transactions, individual award grants (RSUs/PARSUs/options), personal beneficial ownership, and any employment offer letter terms for Ketan Patel were not disclosed in the available filings; future 8‑K/DEF 14A updates should be monitored for compensation arrangements and ownership details .