HP CEO Leo Apotheker Fired, Meg Whitman Takes Over Immediately

By CP News Briefs, Thursday, September 22, 2011

Hewlett-Packard Co has ousted CEO Leo Apotheker and has replaced him with former eBay Chief Executive Meg Whitman, according to Reuters.

The U.S. computer company has announced the news Thursday afternoon.

"The board believes that the job of the HP CEO now requires additional attributes to successfully execute on the company's strategy," Chairman Ray Lane said. "Meg Whitman has the right operational and communication skills and leadership abilities to deliver improved execution and financial performance."

Whitman said that she will focus on making the company's strategy work while also taking on the challenges of customers.

"I know that HP has disappointed investors in recent quarters, and we're not happy about it," she said.

"Going forward, H-P will have no higher priority than to do everything in our power to meet the challenges of today's macroeconomic environment and, frankly, improve our operational and financial performance."

According to Bloomberg, HP’s stock had nose-dived 47 percent since Apotheker became CEO in November, and that forced the company to look to make changes.

HP has been a company in turmoil over the past decade and has had seven CEOs since 1999. Apotheker had been installed for only 11 months.

"Meg is not someone who wants to be a steward of a process to find another CEO for HP," said one source. "She wants to run the company and be a strong leader for what she considers an important tech powerhouse."