After less than a year, HP’s board has decided to toss CEO Leo Apotheker and replace him with board member and ex-eBay CEO Meg Whitman, Kara Swisher at All Things D, reports.The announcement is expected to come after the market closes. The stock seems to have popped a little on the news, but it’s still down for the day by 2%.
Whitman will not become interim CEO, either. She’s going to be the full-time CEO.
Whitman’s run at eBay was great early on, but by the end she was checked out, and the company suffered. Perhaps she’ll be invigorated and do something great with HP. But, Valley observers were uncharacteristically negative on the record about Whitman and HP yesterday when word leaked she was in line for the CEO role.
HP has been a mess for the last year since it decided to fire CEO Mark Hurd for expense account issues. It hired Leo Apotheker, a pretty uninspired choice, which sent the stock cratering.
Apotheker’s hiring clearly shouldn’t have ever happened. One of the big reasons he got the job was that HP’s dysfunctional board didn’t even bother fully vetting him according to James Stewart at the New York Times:
…When the search committee of four directors narrowed the candidates to three finalists, no one else on the board was willing to interview them. And when the committee finally chose Mr. Apotheker and again suggested that other directors meet him, no one did. Remarkably, when the 12-member board voted to name Mr. Apotheker as the successor to the recently ousted chief executive, Mark Hurd, most board members had never met Mr. Apotheker.
“I admit it was highly unusual,” one board member who hadn’t met Mr. Apotheker told me. “But we were just too exhausted from all the infighting.”
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.