Leo Apotheker only lasted about a year as CEO and pres of HP. I guess that is what can happen when you hire a guy without much of an interview to run your huge company. Now PC sales are way down and the palm takeover was a disaster. HP has decided to hire Ebay’s old CEO Meg Whitman. Becuase Ebay is doing great itself. Meg also has no experience as a business lead in enterprise or hardware sales. HP’s stock is down about 50% the past year and they needed to do something. I think the answer is find a new Board of Directors but that simply wont happen. Either way here is the official word from HP:
HP Names Meg Whitman President and Chief Executive Officer
Ray Lane appointed executive chairman; Léo Apotheker steps down as president, chief executive officer and director
PALO ALTO, Calif., Sept. 22, 2011
HP today announced that its board of directors has appointed Meg Whitman as president and chief executive officer.
In addition, Ray Lane has moved from non-executive chairman to executive chairman of the board of directors, and the board intends to appoint a lead independent director promptly. These leadership appointments are effective immediately and follow the decision that Léo Apotheker step down as president and chief executive officer and resign as a director of the company.
“We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” said Lane. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead. Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer focused with deep leadership capabilities. Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.”
Whitman said, “I am honored and excited to lead HP. I believe HP matters –- it matters to Silicon Valley, California, the country and the world.”
Speaking on behalf of the board, Lane said, “We very much appreciate Léo’s efforts and his service to HP since his appointment last year. The board believes that the job of the HP CEO now requires additional attributes to successfully execute on the company’s strategy. Meg Whitman has the right operational and communication skills and leadership abilities to deliver improved execution and financial performance.”
Financial analyst conference call details
HP will host an audio webcast for financial analysts and stockholders to discuss today’s announcement. Details are below:
When: Sept. 22, 2 p.m. PT / 5 p.m. ET
Category: Tech News
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