HP CEO Update: Apotheker Out, Whitman In

Computer maker Hewlett-Packard has fired its CEO Leo Apotheker after he failed to turn the company around and raise share prices.

Apotheker, who was on the job for only 11 months, took over from Mark Hurd, who was booted out of HP over an ethics scandal. Hurd is now president at enterprise software maker Oracle.

HP, which fired two CEOs in last 2 years, faced fresh criticism from investors, who showed their displeasure over tumbling stock prices.

The world’s largest computer maker has named former eBay CEO and HP director Meg Whitman as the new CEO. Whitman is credited for turning eBay into the online auction giant that it is today.

More importantly, HP’s board wants to show to the investors and the world that it was in control of everything as far as management was concerned. The company is struggling to cope with a downward trend in the global PC market and is trying to establish itself as a major cloud computing player.

"I am honoured and excited to lead HP. I believe HP matters - it matters to Silicon Valley, California, the country and the world." Whitman said in a statement.