Whitworth, who runs activist hedge fund Relational Investors LLC, joined HP's board in 2011. He was appointed HP's interim chairman in April last year.
It was not immediately clear if Whitworth, 58, is suffering from any illness.
Relational Investors said co-founder Whitworth was taking a leave of absence from the hedge fund and it wished "his family all the best at this difficult time."
"Out of respect for Ralph's privacy, the firm is not providing any additional information," Relational Investors said in a statement.
Apart from HP, Whitworth has served on the boards of 11 public companies, including Genzyme, Mattel and Waste Management.
HP's board will discuss the appointment of a new chairman at its next meeting, the company said in a statement.
HP's shares were down slightly at $34.04 in premarket trading on Tuesday. The stock has risen more than 60% since Whitworth became interim chairman.
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