Silicon Valley stalwart Hewlett-Packard Co , which has struggled to adapt to the new era of mobile and online computing, plans to split into two companies as it looks to put more focus on the faster-growing corporate services market, according to a Wall Street Journal report on Sunday.

The move, which could be announced as early as Monday, would be a monumental reshaping of one of technology's most important pioneers, which still has more than 300,000 employees and is on track to book $112 billion in revenue this fiscal year.

Under the reported plan, HP will separate its computer and printer businesses from its corporate hardware and services operations, and spin the unit off through a tax-free distribution of shares to stockholders next year.