HP Names Whitman CEO, President

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Palo Alto, Calif. - The Meg Whitman era has begun at Hewlett-Packard, with the embattled company naming her president/CEO.

The announcement came as soon as the financial markets closed in New York this afternoon.

In addition, Ray Lane has moved from non-executive chairman to executive chairman, and the board intends to appoint a lead independent director promptly.

"These leadership appointments are effective immediately and follow the decision that Leo Apotheker step down as president and chief executive officer and resign as a director of the company," HP said in a statement.

Apotheker was CEO of HP since Nov. 1, 2010, and the stock reportedly went down more than 40 percent since that time.

So far HP's decisions to exit the PC, tablet and WebOS businesses may still happen. Whitman, in a conference call an hour after the announcement, said the "strategy of Aug. 18 was right," and that the current management plan includes the spinoff of the Personal Systems Group, its PC business.

She noted, "We expect the board to make a determination by the end of the quarter." And she noted that the plan still includes to "investigate options to recognize the value of webOS software."


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