|Apotheker out, Meg Whitman now HP's President and CEO|
HP's board of directors has replaced Léo Apotheker with former eBay chief Meg Whitman as president and chief executive officer of the Company. Additionally, Ray Lane moves from non-executive chairman to executive chairman of the board of directors. The Board also said that it intended to appoint a lead independent director promptly.
Léo Apotheker step down as president and chief executive officer and resign as a director of the company following the decision. Speaking on behalf of the board, Lane said, "The board believes that the job of the HP CEO now requires additional attributes to successfully execute on the company's strategy.”
HP had appointed the former SAP CEO as its CEO on November 1st, 2010, in the wake of the exit of Mark Hurd, who some time later joined Oracle. On the same day that HP's Board also elected Ray Lane, Managing Partner at Kleiner Perkins Caufield & Byers, as a new member and designated him non-executive Chairman. Reports said that the company's stock dropped around 47 percent during the 11 months that Apotheker was at the helm.