HP Names Ex-eBay Chief Meg Whitman New CEO

hp-logoComputer giant Hewlett-Packard has severed its ties with erstwhile chief Leo Apotheker, appointing former eBay head and one-time California gubernatorial candidate Meg Whitman as its new CEO.

New HP executive chairman Ray Lane said Whitman is the right person to help the company recover. “We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” Lane said. “We are at a critical moment and we need renewed leadership to successfully implement. Meg is a technology visionary with a proven track record of execution.”

Whitman welcomed the challenge to help the struggling company, saying in a statement that “I am honored and excited to lead HP. I believe HP matters — it matters to Silicon Valley, California, the country and the world.”

The changes at HP take effect immediately, meaning that Apotheker, who came aboard in November last year, must “step down as president and chief executive officer and resign as a director of the company.” An AFP report said HP stocks have dropped more than 40 percent since Apotheker replaced the resigned Mark Hurd.