YouSaid · the spoken record

Enrique Lores

lines on the record: 33
first: 2024-02-22
most recent: 2024-02-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“About HP is that it's a company that really cares about helping society, that we have a big opportunity to enable our employees to be more productive, to be more engaged, and that we see a lot of opportunities to innovate, to make it happen. And also that is a company with very strong values and strong principles. Since the company was founded in 1938, the Bill and Dave defined before all the conversation about sustainability or diversity even existed, they defined the values of the company. They defined that the company, great companies create a lot of value for shareholders, but also have a positive impact for our communities. And since then we have been driving both.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Is both we have teams in the company that are constantly exploring new ideas, but we also have a small venture fund that looks what is being invented, what is being created in startups, and then we invest on those. The innovation model has changed 30 years ago, companies like us used to have big central labs that were the ones creating new things. The model is way more decentralized today. And the combination of universities, startups is really now driving the innovation. So we need to be much more external focus than we were before to continue to stay on the lead.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“I think one is all the geopolitical changes that we are seeing. I think we have had a very stable environment for the last 20 years. It was very clear how to manage the company to be successful. Things have changed extremely fast. And this is having significant impact on our business. And the second is to make sure that we stay in the lead from an innovation perspective. The pace that technology is changing by is faster than ever. So making sure that we are making the right technology bets, that we hire the right people to develop those technologies is one of the challenges.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“It depends on what you mean by high growth. It's a business that we think is going to grow between 2% and 4%, but it's a $400 billion business. So 2% of 400 billion is a lot of additional business every year”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“In general, we are a company with long tenure. I mean, I said before I've been more than 34 years in the company, you will find people that has been in the company for a long time”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there are multiple ways. Clearly, there are a lot of engineers in the company. So studying engineering and graduating from a good school is important, but we hire people that graduate from marketing, we get people from law schools. I mean, we are a very large company that has any function that you can think of in the company. So we have lots of people.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“So when I became CEO, we defined four objectives for the company. And one of the four objectives is to become a school of talent. And our value proposition to employees is that they can join the company, they will learn their job, they will be able to experience multiple businesses, multiple functions. If they want, they can live in multiple countries just because of the presence that we have. So we really focus on employee development as the key value proposition to the point that we say when someone leaves, we celebrate their graduation because really that person has learned from us and has developed. And this also gives us opportunity to bring someone new, to bring someone younger, to continue to refresh. So that's one of the key values that we have.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Since you mention it this summer, we were in India. So I decided to go to some of our stores without telling them who I was. So you should see the faces when I went to the store, they look at me, I ask them about what products they were selling, and at some point I said, well, you know, I'm the CEO of the company. And they became white. First, we're like”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“For a consumer, $5,000, so we have products at $5,000. For a business customer, if you want to buy the top-of-the-line workstation with the top of the line processor, $10,000, $15,000”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“We have had a similar product for some time focus on two spaces. One was gaming, one was in some commercial uses. And we think that over time this category is going to grow. But what we really think is that computing is going to become, we call it immersive. That today we interact with computers through a screen or through a keyboard. More and more we are going to interact with our full body with our gestures. And this is the trend that we are pushing for. You will see this in some models like what Apple has done. There are also very interesting concepts where you interact with holograms and we are really exploring a multitude of different things which one will win at this point is difficult to see but clearly immersive is the future.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“For example, in gaming, where the game needs any resource the computer has, it will be a much better model. So it's going to be a big change starting this summer.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Not yet, but he's coming soon. And we think this is going to be one of the largest transformations in the PC industry in decades. What will be possible starting this summer is to run large language models in AIPCs, which means that today all of us are doing in the cloud where you use any of the applications that you can, you will be able to do it locally. And what this means, which is why we think this is important, is it will be much better from a cost perspective because running models in the cloud is expensive. It will be better from a security perspective because you will be able to use the model with your own data locally without having to upload your data to the cloud and you will be able to do it anywhere in the world and also for applications where speed is important, where latency is important, you will be able to do it locally much faster.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“We take it extremely seriously, and for example, my compensation and the compensation of my direct team is dependent on the progress that we make on diversity.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“We have an aggressive plan to reduce that to be carbon-free by 2030. And we are working in the areas of the company where we have more impact because of the products that we build, we use a lot of plastic. So we have an important initiative to use recycled plastic in any of our products. We are also, I mentioned before, we are going to be changing business models to move into refurbished products. So we give to our products two or three lives. And finally, and one of the things that I feel most proud of in this space is people always associate printing with paper, paper with trees, and therefore if you print, you are doing something wrong for the environment. What we have is an initiative that we call forest positive printing.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“When we talk to customers, they always have two concerns about printing. One is what you just said, I want to print, my kid has finished homework, I need to print homework, the printer is not working because the cartridge is not working. Second complaint that we have is printing is expensive. I really hate paying $50, $45, $55 for the cartridge. And we have a solution for that. We have created a subscription model where we monitor the amount of ink that is being used in the printer. Customers pay us for the number of pages they print per month. And before the printer runs out of ink, we send a new cartridge to customers. And by doing that, depending on your volume, you can save up to 70% of, I mean, you print 70% cheaper.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“In printing, there are three very different segments. There is what we call home printing. So printers you will buy to use at home to print photos or to print email. This is clearly a not growing business. Then we have an office segment, copiers, printers that you will do in the office. That's a market that is stable, is declining in more developed countries, is growing in emerging countries. And then we have a third segment, which is industrial printing. Industrial printing means printing labels, packaging, this type of, and this is a significant...”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Printers are fairly different. In fact, there is more difference printer to printer than PC to PC because printers are a totally integrated business. So we develop the printer, we develop the ink, we develop the cartridge, it's a much more vertical integrated model that drives more differentiat”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“What we have done is we have developed both software and hardware to protect our PCs. For example, in any of our commercial PCs, we have achieved embedded in the board that detects if the BIOS has been modified. The BIOS is kind of the brain of the PC, so we can detect if there has been any intrusion in the BIOS. And if we detect that, we can restore it to the regional level. This is a unique technology that HP has that really helps to protect our PCs. And we have many other software developments in other layers to do similar things.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“I use both. As you can guess, I have lots of HPPCs at home because every time there is something new, the team wants me to train. And sometimes they don't like it because I find things they didn't like me to find. So I gave a lot of feedback. But of course I test also the latest innovation from our competitors to make sure I understand.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Majority today are still built in Taiwan. We are working with all the chip providers to make sure we diversify with the location. And this is why, for example, last year we were very supportive of the Chips Act because getting government funds to accelerate the change we think is very important.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, we are diversifying. We realized and learned painfully during COVID, as many other companies, that depending on a specific territory or having too much dependency was too risky, and that what we had done over many years of really pushing for cost and therefore concentrating all manufacturing in one place created the issues from a resiliency perspective. So since then we have been diversifying to increase resiliency and this is a process that we embarked a few years ago that is going to take some time but clearly we are doing that.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“You should not worry about that because we worry about that. And what we have built is what we call a secure supply chain across every step of the manufacturing process. We control anything that is inside our printers, inside the chips, inside the software to make sure that the PCs or the printers are”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Today we don't, but this is one of the businesses that are starting to develop, both because we see we can really help customers to always stay on the latest technology, but also because from a sustainability perspective, recycling and refurbishing is a very important thing to do. So we are going to be building that model at scale.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Because of the structure of the distribution and retail model in India, there is not an electronic retail network in many of the cities, so we had to build our own to be able to really reach consumers anywhere in the country. And we continue to expand because we see, continue to see a big opportunity.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“It actually depends country by country. In the US, for example, we sell online on hp.com or on Amazon. You can buy our products in any large consumer electronics retailer like Best Buy. But also for commercial customers, we have a big network of resellers, commercial resellers that will sell our product. And for our top customers, we have a direct sales force. In other countries, we have our own stores.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there are three big differentiations for our products, especially in the PC space. One is security. Cyber security is every time more important. And we build both software and hardware in our PCs to make them more secure. Second big differentiation is industrial design. We have made a big effort to make our PCs the best looking PCs, the most attractive, and the ones that have the better use model. And finally is sustainability. We think that sustainability is really important and we use in our PCs all type of materials that are environmentally friendly. From plastic that we get from the oceans to coffee beans to, you can look at our portfolio and see any type of material.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm only concerned about what happens with our company. And as I said, the separation has been good for us. We have proven that we can create value to shareholders. Our TSR in the last seven years has been 200%, significantly higher than the average of the market. So we have done well. And what is most important, we have a lot of opportunities and ideas on how to continue to make the company better.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the main theory, which at least in our case has proven to be true, was focus. HP was a very big company. We were selling from printers to servers, data centers, all sorts of technology products. And the theory that the board had at that point was that focus was very important. Each market was moving in a different direction. We were competing with different companies. So being focused, being able to invest in our segments was the critical thing. And in our case has proven to be true.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“Before I became CEO, I led the separation of the company. So when Meg or the CEO decided to split the company, we created what was called a separation office. And there were two leaders, one from HPE and the other one from Hilapaka Enterprise, one for HP Inc. I led the separation from my side. In fact, when I was asked to lead the separation, my immediate response was, no, I don't want to do that. And then Meg, that was Meg Whitman, that was the CEO at that point after a few days, a weekend, she called me home and said, Enrique, I need to talk to you. So I went to her home and she said, I know you don't want to do that. This is the opportunity of your career. You're going to learn things. You will never forget. You should be taking the role. And when the CEO calls you to her home on a weekend, you know there is only one answer.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“No, actually, the full story was I got this opportunity to work as an intern in HP and I had the opportunity to go to San Diego. So we went to San Diego for the summer and when the internship was finishing, HP was opening an R&D center in Spain, in Barcelona. So they told me, you are from Spain, we are creating this new R&D center. You might be interested in joining. And I said at that point, yeah, maybe for a couple of years, because we were living in a different city. And in Spain, you don't change cities. You grew up, you are born in one place, you go to school in one place, and you build, you live all your life there. So we set up for a couple of years will be nice to go to Barcelona. 35 years later, we never came back. We went to Barcelona. Sometime later, we came to the US, and here we are.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it was not my aspiration to run a company like HP. I joined HP as an intern in 1989. So I have worked for the company for a very long time. When I was studying, there was a group of HP engineers that came to my university in Spain, in Valencia, and they explained what it took to develop a printer. It was when printers were starting to be created. And I was amazed by both the technology complexity, but also by the passion these people showed about the printer. And in fact, I was thinking, how can someone feel passion for something so strange? I have to say, though, that 34 years later, I have more passion for printers than these people had. So I have learned and I have been converted to the religion.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“I can't say you're very astute. So you really. Detecting that I'm not from the US is very difficult, I know, but I am originally from Spain.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source
“So as you can imagine, I have a very unbiased view and I have say, of course, HP Inc. It's not only that we do printers and PCs. We think we are the company that can enable a more flexible way of working to make employees productive, to make employees engaged. And this is what we stand for.”
2024-02-22 · The David Rubenstein Show · Enrique Lores · IDENTIFIED FROM THE TRANSCRIPT · source