Former Ebay CEO and past California Gubernatorial candidate Meg Whitman has recently been named the President and Chief Executive Officer of HP. Meg has already served as a Board member over at HP so she has some background with the company. Meg played the lead role during a time of great success and growth at Ebay and then lost a political race for the seat of Governor of California in the most recent Gubernatorial election race for that state.
The former HP CEO, Leo Apotheker, was not getting the job done apparently after only a year at work, which was shown in much confidence being lost by investors, executives, and board members. The recent shake-up at HP with their Personal Systems Group and the halting of WebOS hardware gave much pause to the industry on the future of HP in general. According to the New York Times “While the board still endorses the strategy change — which includes a possible spinoff of its personal computer business, the closing of a line of mobile devices and the $11.7 billion acquisition of the software maker Autonomy — its members felt that Mr. Apotheker had bungled communicating the plans to H.P. employees and outsiders.” Whitman has told investors that HP will come to a decision on the future of Webos and its PC business sometime by the end of this year, rather than the prior estimated time of 2012.
Even though Leo is now out he maybe leaving happy, after just under a year working with HP, with a nice exit package. Apotheker’s compensation contract could include up to $38 million which would includes salary and severance.