The announcement came amid speculation that Capellas is the leading contender to succeed John Sidgmore as CEO of bankrupt telecommunications company WorldCom.
Capellas became HP president after it acquired Compaq. The sale of Compaq to HP was completed in May after Capellas and HP chairman and CEO Carly Fiorina prevailed in persuading shareholders to approve the deal over strong opposition from the families of the HP founders.
"I'm comfortable making this move because of the progress of the integration," Capellas said in the HP statement.
In the same statement, Fiorina said that HP has reached a "natural transition point" and that Capellas "made a commitment to see the merger through". All integration targets are being met or exceeded, according to Fiorina, who thanked Capellas.
The president's position at HP will not be filled. All the executives who reported to Capellas will now report to Fiorina.