HP board considers firing CEO

interns Contributor
Font Size:

Hewlett-Packard Co. (HPQ)’s board plans to meet to consider whether to oust Leo Apotheker as chief executive officer after less than 11 months on the job, two people familiar with the matter said.

Under a scenario being considered, Hewlett-Packard’s directors may appoint former EBay Inc. (EBAY) CEO Meg Whitman as his successor, possibly on an interim basis, said one of the people, who asked not to be named because the plans aren’t public.

If the board carries through on the plan, Apotheker, 58, would depart after slicing sales forecasts three times since he became CEO in November and presiding over strategy shifts that left shareholders doubting his credibility. The company’s stock has plunged 47 percent on his watch, and “investor exasperation” with management is at its highest in more than a decade, Toni Sacconaghi, an analyst at Sanford C. Bernstein & Co., said in a research report last week.

Full story: HP board said to weigh ousting Apotheker as CEO