Hewlett-Packard Co is considering a plan to reorganize the company and combine its printer and personal computer units, the Wall Street Journal reported on Tuesday.

A plan is being finalized that would put Todd Bradley, who leads HP's PC group, in charge of the combined division, the report said, citing people familiar with the matter.

An HP spokeswoman declined to comment on what she called rumor and speculation.

PCs made up around 30 percent of HP's revenue in the July quarter, with the printing group accounting for roughly 20 percent.

The printing group boasted an operating margin of 17 percent, making it HP's most profitable division.

For fiscal 2010, HP forecast revenue growth of 3-5 percent in its PC business and zero to 2 percent in its printing group.

HP is the world's No. 1 PC maker, holding a roughly 20 percent share of the global market.

The Journal report said Vyomesh Joshi, a longtime HP veteran who leads the printing division, could potentially leave the company in the coming months.

He has been approached in recent years by other technology companies looking for a new chief executive, the report said, citing people familiar with Joshi's discussions.

Shares of Palo Alto, California-based HP closed down 44 cents at $47.44 on the New York Stock Exchange.

(Reporting by Gabriel Madway)

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