Manpreet Grewal
HPAbout Manpreet Grewal
Manpreet S. Grewal is HP Inc.’s Chief Accounting Officer and Global Controller, appointed effective July 14, 2025; he is 46 years old and previously served as CAO/Controller at U.S. Steel and Covanta and spent 14 years at Tyco/Johnson Controls in accounting, audit, controllership, and FP&A . He holds a bachelor’s degree in commerce from Punjabi University Patiala and is a CPA, CMA, and CFE . Upon appointment, HP disclosed he would receive salary, annual incentives, and long-term incentives commensurate with role scope . As context for performance alignment, HP’s Q3 FY2025 net revenue was $13.932B with GAAP diluted EPS of $0.80, and non-GAAP EPS $0.75; Personal Systems operating margin was 5.4% (within guidance range), and Printing operating margin was 17.3% .
HP quarterly performance context (oldest → newest):
| Metric | Q3 FY2024 | Q2 FY2025 | Q3 FY2025 |
|---|---|---|---|
| Total Net Revenue ($USD Billions) | $13.519 | $13.220 | $13.932 |
| GAAP Diluted EPS ($USD) | $0.65 | $0.42 | $0.80 |
| Non-GAAP Diluted EPS ($USD) | $0.84 | $0.71 | $0.75 |
HP’s FY2024/2025 executive incentive frameworks emphasize pay-for-performance via GAAP net revenue, adjusted non-GAAP operating profit, non-GAAP free cash flow, and PARSUs linked to EPS and relative TSR, with strong governance (clawbacks, double-trigger CIC, no pledging/hedging) and 91% say‑on‑pay approval in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| United States Steel Corporation | Vice President, Controller & Chief Accounting Officer | March 2020–June 2025 | Led controllership and tax organization; senior financial leadership in industrial manufacturing |
| Covanta Holding Corporation | Vice President, Controller & Chief Accounting Officer | 2017–March 2020 | Financial leadership at energy-from-waste operator; controllership oversight |
| Tyco / Johnson Controls Inc. | Internal audit, accounting, controllership, FP&A (progressive roles) | 14 years (prior to 2017) | Progressive finance roles across audit and controllership supporting large-cap operations |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| U.S. Steel | Executive Sponsor, SteelABILITY Employee Resource Group | During U.S. Steel tenure | Executive sponsorship of ERG initiatives |
Fixed Compensation
- HP disclosed Mr. Grewal “will receive salary, annual incentive awards, and long-term incentive awards” at levels consistent with his position and responsibilities (specific amounts not disclosed) .
- He filed a Section 16 Power of Attorney on June 20, 2025 authorizing HP legal personnel to sign and file Forms 3/4/5 on his behalf .
Performance Compensation
HP executive incentive design (applies to Section 16 officers, including CAO):
Fiscal 2024 Annual Incentive Plan – corporate metrics and targets
| Metric | Weight | FY2024 Target | Notes |
|---|---|---|---|
| GAAP Net Revenue ($B) | 25% | 53.6 | Revenue must be eligible via adjusted non‑GAAP OP threshold governor |
| Adjusted Non‑GAAP Operating Profit ($B) | 25% | 5.1 | Foundational governor for other components |
| Non‑GAAP Free Cash Flow ($B) | 25% | 3.4 | Capped at 150% if OP < target; capped at 100% if OP < threshold |
| MBOs (culture/leadership, people, sustainable impact) | 25% | Various | Individual objectives; total AIP capped at 200% |
Fiscal 2023 AIP – corporate results and funding
| Metric | Weight | Target ($B) | Actual ($B) | Funding |
|---|---|---|---|---|
| GAAP Net Revenue | 25% | 52.0 | 53.7 | 29.1% |
| Adjusted Non‑GAAP Operating Profit | 25% | 4.9 | 4.9 | 25.4% |
| Non‑GAAP Free Cash Flow | 25% | 2.6 | 3.1 | 40.6% (capped by governors and later adjusted) |
| Total Financial Component | 75% | — | — | 95.1% (HRC adjusted to 54% for parity) |
Long‑Term Incentives (PARSUs) – EPS and TSR, plus KGA revenue
| Component | Weighting | Measurement | Payout Mechanics | Vesting |
|---|---|---|---|---|
| EPS (adjusted non‑GAAP) | 80% (FY2024 design) | Annual EPS goals over 3 years; average with TSR modifier | 0–300% shares; capped at 3x target | 3‑year cliff, subject to service |
| Relative TSR vs S&P 500 | Modifier | 3‑year TSR percentile | Modifies EPS payout; no modifier applied for FY2022–2024 given 69th percentile | With PARSU cliff |
| KGA Revenue (Growth Areas) | 20% (FY2024 design) | FY2026 revenue for KGAs | 0–300% payout curve | 3‑year cliff |
Illustrative realized outcome (FY2022 PARSUs, corporate program)
| Yearly EPS Target | Result | Average EPS Perf. | TSR Modifier | Total Payout |
|---|---|---|---|---|
| FY2022 EPS $4.38 | 0% | 52% | 0% | 52% |
| FY2023 EPS $3.33 | 76% | — | — | — |
| FY2024 EPS $3.45 | 80% | — | — | — |
Note: No executive‑specific AIP/PARSU grant values for Mr. Grewal were disclosed as of his appointment; tables reflect HP’s program design and certified corporate outcomes .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Form 3 initial beneficial ownership | “No securities are beneficially owned” as of July 14, 2025 (filed July 16, 2025) |
| Ownership % of shares outstanding | 0% at time of Form 3 |
| Vested vs. unvested shares | None disclosed (initial filing shows no holdings) |
| Option awards | None disclosed |
| Shares pledged as collateral | HP policy prohibits pledging and hedging for employees and directors |
| Stock ownership guidelines | Strong guidelines apply to executive officers; individual compliance status not disclosed |
| Section 16 filing delegation | POA executed June 20, 2025 to HP legal designees for Forms 3/4/5 |
Employment Terms
- Appointment: Chief Accounting Officer and Global Controller effective July 14, 2025; no arrangements/understandings for appointment; no related‑party transactions under Item 404(a) .
- Compensation determination: As a Section 16 Officer, compensation (other than CEO) is set by the HR & Compensation Committee of the Board; Section 16 Officers are appointed by the Board .
- Severance / Change‑in‑Control: HP maintains market‑aligned severance policy; CIC requires a double trigger; no 280G tax gross‑ups; strong clawback policies per SEC/NYSE rules .
- Governance policies: No fixed‑term employment contracts for senior executives; robust stockholder engagement; disclosure of performance goals; prohibition on hedging/pledging/margin accounts .
- Indemnification: HP indemnifies directors and officers to the fullest extent of Delaware law; advances expenses under specified conditions .
Investment Implications
- Alignment and selling pressure: Initial Form 3 shows no holdings, implying no immediate insider selling pressure; expect RSU/PARSU grants aligned to corporate metrics and 3‑year vesting, which typically creates periodic vesting dates and potential 10b5‑1 sales windows to monitor via future Form 4s .
- Governance risk mitigants: Double‑trigger CIC, clawbacks, and prohibitions on pledging/hedging reduce misalignment and windfall risk, supporting investor confidence in pay‑for‑performance .
- Retention and execution: Compensation “consistent with position and scope” plus standard RSU/PARSU structures suggest retention incentives are primarily performance‑linked; absence of related‑party ties lowers governance red flags .
- Monitoring priorities: Track upcoming Section 16 grants/transactions, ownership guideline progress, and any changes in AIP/PARSU goal calibration; maintain awareness of EPS/FCF/revenue performance (which directly drive payouts) and relative TSR modifiers per program design .