Hewlett-Packard has named Meg Whitman, the former eBay CEO and California candidate for governor, as its new CEO, pushing aside Leo Apotheker after just 11 months on the job.
Whitman got the top spot because there are few available people with the experience to run complex technology businesses, a source familiar with the matter told The Associated Press. Apotheker is being removed because the board lost confidence in his ability to lead the company long-term.
The management shake-up represents yet another turnaround strategy at one of Silicon Valley’s oldest, but most publicly dysfunctional, firms. Since joining HP in November, Apotheker’s strategic decisions had been drastic, and did little to inspire confidence. HP’s stock fell nearly 50 percent during his time at the helm. It dropped about 5 percent Thursday.