(Editor’s Note: Updated with official announcement and comment, 2 p.m. ET)

March 21, 2012 – HP officially combined its printing and PC divisions and shifted other sales and leadership roles Wednesday in an effort to improve performance and increase profits.

HP aims to focus its go-to-market strategy, branding, supply chain and customer support worldwide with the new joint venture between its HP’s Imaging and Printing Group (IPG) and its Personal Systems Group (PSG), according to a news release.

“By providing the best in customer-focused innovation and operational efficiency, we believe we will create a winning scenario for customers, partners and shareholders,” said CEO Meg Whitman in a news release on the move.

The combined entity will be led by EVP Todd Bradley, who has led the PSG since 2005. IPG EVP Vyomesh Joshi announced his retirement after 31 years at HP.

Restructuring announced Wednesday also included the shift of Global Accounts Sales under the newly named HP Enterprise Group, which includes enterprise servers, storage, networking and technology services. In addition, HP will centralize its marketing and communications functions across business units, and move its Global Real Estate function from Finance into Global Technology and Business Processes to address property consolidation and “workplace experience for HP employees,” according to a news release.

“Ensuring we have the right organizational structure in place is a critical first step in driving improved execution, and increasing effectiveness and efficiency,” said Whitman.

The moves announced Wednesday were the latest series of shake-ups since Whitman took over as CEO in September, the third top boss at HP in less than a year. Along with other executive changes during the last six months, HP announced it would continue to sustain its PC group, rolled out its IDOL unstructured data line, and also turned its webOS mobile platform over to the open source community.

The announcements came prior to an HP stockholders meeting Wednesday afternoon. Sources first hinted at the combination and restructuring moves early Wednesday, according to Reuters.