And where is the line for golden parachutes?
HP names Whitman CEO, Apotheker out
On Thursday September 22, 2011, 6:34 pm
By Poornima Gupta and Peter Henderson
SAN FRANCISCO (Reuters) – Hewlett-Packard Co named former eBay Inc Chief Executive Meg Whitman its president and CEO, replacing the harshly criticized Leo Apotheker in a bid to restore investor confidence in the U.S. technology company.
The decision was made without a formal CEO search and piled renewed criticism on the board, which Wall Street has been blamed — at least in part — for the storied Silicon Valley’s recent missteps.
Whitman, an Internet retail expert with a mixed track record, is not an obvious choice to revive HP, analysts said. The failed California gubernatorial candidate transformed eBay from a few dozen employees in 1998 into a global Internet retail powerhouse, but the final years of her reign were marked by sputtering growth, intensifying Wall Street criticism and a string of unwise acquisitions, including of Skype.
While her elevation surprised many with its seeming hastiness — for the second time, internal candidates such as enterprise chief David Donatelli were passed over — Apotheker’s ejection had been a matter of time.
He becomes the third straight HP CEO shown the door. . . . [continues]
http://finance.yahoo.com/news/HP-names-Whitman-CEO-rb-2082073864.html?x=0&.v=19
Senator Gronk 3:35 am on September 23, 2011 239 days ago Reply
Why they didn’t hold out for Michelle Bachman is beyond me.
conshmillo 6:10 am on September 23, 2011 239 days ago Reply
lol
rastard 6:50 pm on September 23, 2011 239 days ago Reply
“HP’s ousted CEO will take home $25 million”
http://money.cnn.com/2011/09/22/technology/hp_leo_apotheker_severance/
$25 million for 11 months of incompetence. Shoot, I would have been incompetent for 10% of that…
rastard 7:52 pm on September 23, 2011 239 days ago Reply
Also gotta love the title of this article: http://money.cnn.com/2011/09/22/technology/hp_board/
GotWake 8:13 pm on September 23, 2011 239 days ago Reply
They don’t know if they will spin off the PC business. They waited too late to buy Palm. The board is full of idiots. The future doesn’t look very bright for HP.