HP Board Names Meg Whitman as New CEO

HP Board Names Meg Whitman as New CEO

Looks like Yahoo! isn't the only company with a new CEO.

In a not so surprising move, HP's board of directors have appointed Meg Whitman as the company's new CEO, with Leo Apotheker resigning from his position even before his first year is up. A source with intimate knowledge of the board's decision has indicated that Whitman was chosen for her track record of successfully managing a large, complex business and her communications skills both internally and with Wall Street, traits that Apotheker lack.

HP has gone through months of upheaval, with notable announcements such as the discontinuation of its webOS devices, a US$11.7 billion acquisition of Autonomy and the consideration of selling its PC and notebooks division made under Apotheker's watch. While these decisions had been approved by the board, investors were jittery over the direction made by Apotheker.

Nonetheless, HP's board of directors are in agreement with Apotheker's overall strategy to move the company towards a stronger focus on software and services. And now, it's Whitman's game to see through with this decision, while investors keep a close watch on HP's stock value in the next few months.

Source: New York Times

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