The long-awaited split of legendary 76 years old Silicon Valley company Hewlett-Packard into two different and separately traded companies became effective on November 1, 2015. Hewlett Packard Enterprise (NYSE:HPE) will focus on data center hardware and consulting services, and HP INC (NYSE:HPQ) will focus on PCs and printers.

“We’re leaving behind a company that was very large, running two businesses that were very different,” said former Hewlett-Packard CEO Meg Whitman, who now leads Hewlett Packard Enterprise, The New York Times reported. “We’re creating two new big companies, not bite-sized morsels, with real capabilities to change things.” Whitman noted that the company was splitting up to “more aggressively go after the opportunities created by a rapidly changing market.”

The former CEO is staying with Hewlett Packard Enterprise, while HP Inc. retains the former Hewlett-Packard NYSE ticker, corporate logo, and website. The two companies will have comparable size and between $50 and $60 billion in annual revenue each.

“HP’s board and management have made a brilliant value-enhancing move at the perfect time in the turnaround,” said former Hewlett Packard Chairman Ralph V. Whitworth. “The new companies will be better positioned to address today’s light-speed market dynamics and customer needs, and with distinct and compelling financial profiles and strong leadership teams, accelerate growth and shareholder value creation.”

The move reflects a perception that Hewlett Packard was too big and slow moving to operate efficiently in today’s fast moving technology markets. 
Reuters notes that the company didn’t keep up with technologies and trends, such as the shift by consumers to smartphones and tablets and the shift by businesses to cloud computing.

“We approach this challenge with the heart and energy of a startup coupled with the brain, muscle and determination of a Fortune 100 corporation,” notes HP Inc. CEO Dion Weisler in the company’s press release. “Hewlett Packard Enterprise has the vision, financial resources and flexibility to help customers win while generating growth and long-term value for our shareholders,” notes Whitman in Hewlett Packard Enterprise’s press release.