HP board mulling Hewlett Packard CEO Leo Apotheker’s future reports say
A number of sources are reporting this afternoon that Hewlett Packard CEO Leo Apotheker may be on the way out the door after less than a year at that post.
The HP board is meeting today and considering a CEO move which may include hiring current HP director and ex-eBay CEO Meg Whitman into the position, according to Bloomberg News.
MarketWatch.com says rumor of the move has caused HP shares to jump some 4%
From Fortune.com: “The situation appears to be fluid; HP’s (HPQ) board plans to meet this afternoon. When reached for comment, an HP spokesperson decline to say anything about the matter. The move would come at a pivotal time for HP, which has struggled to find a path forward. In mid-August, the company announced a vast planned overhaul of its business, agreeing to buy software maker Autonomy Corp. for $10.3 billion, canceling its TouchPad tablet and deciding whether to sell or spin-off its hardware division. The plan, in other words, called for the unraveling of the much-debated 2002 merger with Compaq Computer that helped turn HP into a technology behemoth.”
More on HP’s Apotheker: HP’s Apotheker changes his tune on mobility
The move toward a more software-oriented company was met with some disdain.
From Network World: “… it’s an uphill climb nonetheless, as software has been responsible for only a small fraction of HP’s revenue in years past. In 2010, HP Software generated $3.59 billion in revenue, or 3% of the company’s $126 billion total revenue. But it’s on the upswing: HP Software logged 20% year-to-year growth and reached $780 million in revenue in the second quarter of 2011, driven by last year’s acquisitions of Fortify and ArcSight, notes Jillian Mirandi, an analyst at Technology Business Research (TBR). HP’s fastest growing business unit is also its most profitable, with a 19.4% operating profit.
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