Leo Apotheker’s run at HP is off to a rough start.After HP named Apotheker CEO, its stock is down 4% in after hours trading, which means he’s already destroyed $4.45 billion in shareholder value!
Not really Apotheker’s fault, but apparently investors were looking for someone more exciting than the guy who was SAP’s CEO for 7 months.
Especially the guy who was canned after being SAP’s CEO for 7 months. And especially because SAP is an enterprise software company, not a consumer-middle-market-and enterprise hardware company. Especially because SAP lost out to Oracle and IBM.
(Some folks blame SAP’s old CEO for that, though).
Adam Lashinsky at Fortune called a couple of folks up and asked what they thought of the choice:
“Idiotic,” declared one European investor. “Astonishing” said a veteran U.S. software executive.
So Leo has his work cut out for him on HP’s conference call tomorrow. As does HP’s board.
See Also: HP Names Ex-SAP Chief Leo Apotheker CEO