HP has dismissed Léo Apotheker as its CEO, replacing him with ex-Governtorial candidate and former eBay CEO Meg Whitman.
After what has been seen by the technology sector as several missteps from HP, the company’s Board of Directors found itself forced to relieve its third CEO in a row. Apotheker had been in the position for only 11 months.
“We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” said Ray 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 joined eBay in March 1998 at its infancy and grew the company from 30 employees to over 15,000 employees within a decade that was her tenure as CEO. In 2009, she ran an unsuccessful campaign for the Governorship of California, which saw her spend $144 million of her own fortune in the attempt. She also formerly served as executives at Walt Disney, DreamWorks, Procter & Gamble as well as Hasbro.
The appointment of Whitman caused HP’s stock prices to fall on the New York Stock Exchange, hitting a six-year low of US$21.50 from a recent high of nearly US$25.
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