Computer maker Hewlett-Packard’s board is reportedly considering firing chief executive officer Leo Apotheker as the company’s stock prices slides by 47 percent.
Sources familiar with the situation have told Bloomberg that the board is mulling over the option of firing the former SAP CEO Apotheker as the company continues to struggle with cloud computing and a sliding PC market.
The board could agree on naming former eBay CEO and HP director Meg Whitman as interim CEO till it finds a permanent replacement for Apotheker.
According to sources, HP’s board had earlier met in committees and will now meet as a full board to discuss what has to be done. The main concerns that the board has are the falling share price and Apotheker’s inability to steer the stock upwards.
Analysts believe that the board will have a tough time finding the right person for the job as the company struggles to deal with the slump in the global PC market and its ambition to gain a strong foothold in the cloud computing market.
“It’s not going to be easy. They have to go back and redefine what they want to be as a company, go back to the drawing board.” said Michael Mullaney of Fiduciary Trust.