HP names Meg Whitman new President and CEO, gives Leo Apotheker the boot

Well, after less than a year on the job as HP’s top dog Léo Apotheker is out, and former eBay CEO and one time candidate for California governor Meg Whitman is in. The move was hardly unexpected, but it very quickly evolved from quiet mumblings and rumors to full-fledged fact this afternoon. Meg Whitman, eBay’s former chief executive, was named to lead Hewlett-Packard on Thursday, the company said.She replaces Léo Apotheker, the company’s chief executive, after only 11 months on the job. He is also stepping down as a director.But Mr. Apotheker’s strategy, including consideration of spinning off H.P.’s personal computer business from other parts of the company, will most likely remain in place.The company also said it was naming Ray Lane, who serves as nonexecutive chairman, as executive chairman. The company said it would appoint a lead independent director.“We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead,” Mr. Lane said in a statement. “Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer-focused with deep leadership capabilities. Furthermore, as a member of H.P.’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.”Ms. Whitman is also a member of the H.P. board. According to a person with knowledge of the board’s decision, she was chosen for her track record of successfully managing a large, complex business, her communications skills both internally and with Wall Street and her ability to lead senior executives through corporate transitions.All of these were seen as Mr. Apotheker’s shortcomings. While the board liked his plan to move H.P. to a business with more software and services, H.P.’s poor earnings and unhappiness with Mr. Apotheker by some members of the company’s powerful executive committee ultimately spelled his downfall, the person close to the board said. Hewlett-Packard’s stock has declined more than 50 percent from its 52-week high, but rose almost 7 percent on Wednesday on reports that Mr. Apotheker faced dismissal. The shares were down almost 5 percent Thursday in a general sell-off on Wall Street.