HP CEO Sacked Because of Disappointing Decisions

All those who believed HP's recent business decisions weren't going to come across well have gotten their confirmation in how HP sacked its CEO and chose someone in his stead, not even bothering with an interim.

Meg Whitman, former eBay chief executive officer (CEO) and one time candidate for the position of California Governor has become the new CEO of HP.

With this move, Leo Apotheker is stepping down after only serving for several months.

The press release outlining this decision did not go into details about why this sudden move was taken, though it is true that there was forewarning.

Yesterday, the rumor had already leaked that HP is considering something of this sort, after the board of directors got disappointed in his decisions.

The list includes the choice to spin off the PC business, giving up on webOS (though this doesn't seem to have worked out very well) and buying Autonomy. The stock price also plummeted 47 percent.

“We very much appreciate Leo’s efforts and his service to HP since his appointment last year,” Ray Lane, former non-executive chairman and new executive chairman said on behalf of the board.

“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.” 

So far, it is unclear what Whitman will do as CEO, since no real decisions can be taken, or old ones overturned, until everyone finishes getting set up. Whitman, at least, seems enthusiastic.

“I am honored and excited to lead HP. I believe HP matters – it matters to Silicon Valley, California, the country and the world,” she said.

HP decided not to go through the Interim CEO stage and just give Whitman the full-time mantle after Leo Apotheker was CEO for less than a year.

“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.”

Posted in: News