Hewlett-Packard Co.'s board met Wednesday to consider ousting Chief Executive Leo Apotheker, according to the Wall St Journal and people briefed on the matter, after a turbulent 11-month tenure in which the market value of the technology giant was cut nearly in half.
An ouster would be the latest setback for a company that has been buffeted by a decade of board acrimony, abrupt CEO departures and strategic drift. The stakes are even higher this time. A departure would leave the company without a leader at a time when many of its key businesses are under assault…
Just last month, Mr. Apotheker, with the blessing of the board, announced a dramatic plan to revamp H-P by splitting off or selling its personal-computer business and spending $10.3 billion to acquire U.K. software company Autonomy Corp. Board members publicly supported Mr. Apotheker and his strategy even as many investors criticized the moves and H-P's stock price took a major hit. Indeed, shares soared as much as 11.7% Wednesday on news that Mr. Apotheker might be out. Who might replace Mr. Apotheker isn't clear.
Read all about at http://online.wsj.com/article/SB10001424053111903791504576584852598066360.html?mod=WSJ_business_LeadStoryCollection
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