Rumor: HP could dump its current CEO

HP has been dealing with a lot of issues over the past couple of months and now a new rumor suggests that the tech company could be looking for a new leader. Bloomberg reports via unnamed sources that HP's board of directors could be meeting soon, with the idea to discuss the future of its current CEO Leo Apotheker. If the board does decide to fire Apotheker, one source claims that former eBay CEO Meg Whitman could picked by the board to become HP's next leader.

Apotheker has been at the helm of HP since November 2010, but under his brief watch the company has seen its stock price plunge down 47 percent. In mid-August HP announced it would shut down its webOS hardware division after the sales failure of its HP TouchPad tablet. It also announced that it was thinking about spinning off its PC division, which remains the biggest PC business in the world. Under Apotheker, HP has also cut its revenue forecasts three times since he has been in charge.

Whitman came on board as one of HP's board members in January 2011. While she ran eBay for a decade, she did have some missteps in the final years. Her biggest was letting eBay pay $2.6 billion for the Internet phone business Skype back in 2005. However, in 2007 eBay admitted it overpaid for Skype. In 2009 it sold 70 percent of Skype to a number of investment partners for $2 billion. Microsoft has now come in and proposed to pay $8.5 billion for Skype but that deal, announced in May 2011, has yet to officially close.

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woah.. so they're going to replace one ceo who blew billions with a failed effort with another ceo who blew billions with another failed effort?

spudtrooper said,
woah.. so they're going to replace one ceo who blew billions with a failed effort with another ceo who blew billions with another failed effort?

Taking bets on how many billions the new CEO will blow

spudtrooper said,
woah.. so they're going to replace one ceo who blew billions with a failed effort with another ceo who blew billions with another failed effort?

Was she really that bad?

I mean, her biggest mistake was selling Skype for too cheap. If they held on, MS would be cutting them a $8 billion check right now.

DukeEsquire said,

Was she really that bad?

eBay didn't need skype to begin with, just like HP didn't need webos to begin with. HP could do just fine if they worked with their partners to develop the channels they have.

spudtrooper said,

eBay didn't need skype to begin with, just like HP didn't need webos to begin with. HP could do just fine if they worked with their partners to develop the channels they have.


$8 billions - $2.5 billions = $5.5billions - She made 200% profit with the Skype. How's that bad?

spudtrooper said,

eBay didn't need skype to begin with, just like HP didn't need webos to begin with. HP could do just fine if they worked with their partners to develop the channels they have.

Depends on your definition of "need". If we went by NEED, then no company would ever buy another company. It is based on projected future value.

Also, HP would never have come up with anything remotely successfully with "their partners"--whatever that means. It would take a few years before they ever got anything out the door and that would mean it would be retardly behind Android and iOS.

Clearly eBay wanted Skpye and, in the end, it turned out to be a good investment.

RealFduch said,

$8 billions - $2.5 billions = $5.5billions - She made 200% profit with the Skype. How's that bad?

no she didn't..... she sold 70% of skype to other investors..... got $2 billion for it.... now its being resold for $8 billion, ebay would only see at most 30% of that

Bought for $2.6 bil
Sold 70% for $2.0 bil
eBay lost $0.6 bil
MS Offer $8.5 bil
ebay's 30% $2.55 bil
total recoup for ebay $1.95 profit, not exactly 200% of their investment as return

Stewart Gilligan Griffin said,

no she didn't..... she sold 70% of skype to other investors..... got $2 billion for it.... now its being resold for $8 billion, ebay would only see at most 30% of that

Bought for $2.6 bil
Sold 70% for $2.0 bil
eBay lost $0.6 bil
MS Offer $8.5 bil
ebay's 30% $2.55 bil
total recoup for ebay $1.95 profit, not exactly 200% of their investment as return

Um...

When their investment is net $600m and the profit is $1.95b that's certainly more than 200%.

good this jackass needs to be fired. he has ruined webos and hp's rep. the current route their going hp will not exist a year form now!

smooth3006 said,
good this jackass needs to be fired. he has ruined webos and hp's rep. the current route their going hp will not exist a year form now!

webos was doomed when HP bought it

tmaxxtigger said,
So him and the guy from Netflix could get together and create something wonderful...

But to be fair, netflix man is trying, even if they're failing. HP man is just flat out quitting. I don't like quitters. I don't like people who mess up like netflix did, but at least they're trying instead of closing their doors and giving what money they have left back to their shiareholders.

And of course Leo Apothecary will be released with a HUGE golden parachute, all the while us employees on the ground (you know, the ones who do the actual work) get stiffed for pay rises because there is no money available.

Slugsie said,
And of course Leo Apothecary will be released with a HUGE golden parachute, all the while us employees on the ground (you know, the ones who do the actual work) get stiffed for pay rises because there is no money available.

This is the most subtle truth about all of this.

[quote=Slugsie said,]
Also hold true for banking, brokerage firms,...almost all large corporations. No wonder the big disconnect between business and workers/consumers.

Good riddance! No wonder H-P is in trouble, and deserves to be punished by the marketplace. How would you feel if you bought a "Cadillac" product and found out you ended up with a low-end "Chevrolet" product--to use a GM car analogy? I was one, and didn't like it one bit. Canon will be glad to get my future business.

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