What Now for HP and Apotheker?
Could Meg Whitman replace Leo Apotheker as CEO of technology giant HP (NYSE:HPQ)? It’s entirely possible.
A report from Bloomberg today cites two people familiar with the matter and says that HP’s board is meeting to consider ousting HP CEO Leo Apotheker less than a year after he took over as CEO. The Wall Street Journal reports the meeting will be held today.
Last week it was HP Board Chairman Ray Lane who was fielding reporter questions about HP’s strategy and messaging.
Meg Whitman, who is a new addition to the HP board, has been floated as a possible replacement for Apotheker, at least on an interim basis.
If HP ousts Apotheker, the move would come just a month after Apotheker announced sweeping changes to HP’s strategy, including a plan to pay $10.3 billion for software company Autonomy, discontinue its tablet production effectively hobbling its WebOS strategy, and potentially spin off its PC business. HP is number on in market share in the PC business.
Earlier in the week reports surfaced of HP plans to cut 500 from its webOS division.
Apotheker has also presided over three quarterly reports that did not meet expectations.
HP shareholders seemed to approve of the rumored management switch at the top, pushing share prices up 10 percent after the news was first reported.
Apotheker's employment contract calls for him to get a $9.4 million golden parachute.