HP CEO Apotheker out

HP has ousted its beleaguered CEO Leo Apotheker and appointed former eBay chief Meg Whitman to lead the company.

/l/g/r/russellbrandhp160.jpg
HP’s recent ad campaign featuring Russell Brand

Apotheker was in the role for less than a year, during which time the company’s market value had dropped $60bn (£39bn) and, despite being the market leading PC manufacturer, exited the hardware business to focus on business software.

He becomes the second CEO to leave the company in less than two years, following Mark Hurd’s forced resignation after sexual harassment allegations.

It is hoped that Whitman’s appointment will rebuild investor confidence in the company, which has seen disappointing earnings forecasts.

HP has also hit a snag in its proposed £7.1bn acquisition of business software firm Autonomy, as the majority shareholders of the UK firm refused to accept the initial bid. Whitman will now lead the takeover process.

She says she will now review HP’s strategic initiative to shift away from hardware and will “surface with [her] own point of view on this”, suggesting she may change course on the strategy.

The company has also elevated non executive chairman Ray Lane’s role to become executive chairman of the HP board.

Lane says of Whitman’s appointment: “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead.

“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.”

Whitman has been a member of the HP board since January. She joined eBay in 1998, when it had revenues of about $4m (£2.6m) and in ten years grew revenue to $8bn (£5.2bn).

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here