As we’ve been hearing for days, Leo Apotheker is out and Meg Whitman is in at the top of HP. Read on for details.
HP made the changes at the top that have been rumored for days. Here is what HP had to say:
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.”
As of 1600 Eastern, HP (NYSE: HPQ) was trading at $22.80, down $1.18 on a day that saw equities overall selling off in the face of worries about European banks and slowdowns in China’s manufacturing sector.
This is really an odd development. Apotheker was hired 11 months ago, and the board is essentially saying that he lacked the communication and leadership abilities to handle the job. Here’s hoping that Whitman can right the ship and establish some stability in the company’s leadership.
Many people will wonder if Whitman will bring back webOS devices and reverse the spinoff of the PC group that Apotheker announced just last month. My bet is that webOS is still very dead, but really I doubt that anyone can answer either question today.
In addition, HP has scheduled a conference call to explain all of this at 1700 Eastern:
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
It is recommended that attendees dial in 15 minutes early to avoid registration delays.
Tune in if you have time and hear the company spin. At any rate, I’ll bring you updates as more information becomes available.HP Press Release
Great Article, I hope your right about the WebOS but it might be to late (and too much money) to bring it back.
Glad you liked it! I really like webOS and the TouchPad, while not up to iPad specs, deserved more of a chance to win. However, I can’t see anything changing with those initiatives.
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