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This is an archive article published on September 24, 2011

HP names Whitman as CEO

Hewlett-Packard has named former eBay Inc Chief Executive Meg Whitman its president and CEO,replacing Leo Apotheker in a bid to restore investor confidence in the iconic Silicon Valley company.

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Hewlett-Packard has named former eBay Inc Chief Executive Meg Whitman its president and CEO,replacing Leo Apotheker in a bid to restore investor confidence in the iconic Silicon Valley company.

The decision was made without a formal CEO search and piled renewed criticism on the board,which investors have blamed at least in part for the storied companys recent missteps.

Chairman Ray Lane,who becomes Executive Chairman with a mandate to help Whitman run a sprawling $120 billion empire with over 300,000 employees,tried to assure disillusioned investors by saying HP is making a fresh start with a new CEO and crucially a virtually revamped board of directors.

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Lane vowed that the days of board dysfunction the wire-tapping scandal,the firing of Mark Hurd after a sexual harassment probe,and the hiring of Apotheker were over.

The board works well together,he said. Its amazing how they challenge the management team,challenge each other, Lane said in an interview.

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