HP launches major internal overhaul (CBS/AP) PALO ALTO, Calif. - Hewlett-Packard Co. (HPQ) says it will combine its printing and PC divisions to save money, part of the technology company's effort to turn around its business. The move comes at a time when sales of printers and ink, once HP's lifeblood, are falling amid declining demand and growing competition. HP is the world's No. 1 maker of personal computers. But PC sales are hurting, too, as people turn their attention to tablets and smartphones. The Palo Alto, Calif., company says the combined unit will be led by Todd Bradley, executive vice president of the PC group since 2005. Vyomesh Joshi, executive vice president of the printing group, is retiring. How chips, PC, services companies are faring PC shipments to improve in 2012, but still modest It's one of the first major steps taken by former eBay chief Meg Whitman since she became HP's CEO in September.