When HP named Leo Apotheker as the company’s new CEO a scant 11 months ago, hopes were high that the software-focused former SAP honcho would be able to overhaul the company and help rake in tons of dough. Well, they got it half right; since his appointment, Apotheker has sure shaken things up, but not in a good way; the company’s recent sweeping changes didn’t sit well with the public, and partially as a result, HP’s stock has dropped 47 percent on Leo’s watch. Now, his job may be on the line.
HP’s Board of Directors plans on holding a pow-wow to determine whether or not to kick Apotheker to the curb,
, citing an anonymous pair of sources “familiar with the situation.” The publication says that former eBay CEO Meg Whitman could be named his replacement, at least on a temporary basis. Just to highlight how low investor confidence is in Apotheker, HP’s stock, which has been in a free fall recently, jumped 6.1 percent when Bloomberg broke the story.
Even if the Board gives Apotheker the boot, his tenure at HP proved more successful than his time at SAP, the last CEO position he held. Apotheker resigned from SAP after just 10 months on the job when consumers and unions flipped him the collective bird after Apotheker tried to raise software prices in the midst of a recession, leading to the company’s first revenue hit in over seven years.