Former eBay CEO Meg Whitman Named CEO of H-P

Former eBay CEO Meg Whitman Named CEO of H-P

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Hewlett-Packard (HPQ: 22.80, -1.18, -4.92%) on Thursday named former eBay (EBAY: 31.67, -0.57, -1.77%) CEO and California gubernatorial candidate Meg Whitman as its new president and chief executive.

H-P also said Ray Lane has moved from non-executive chairman to executive chairman of the board, and the board will appoint a lead independent director shortly.

“We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” said Lane. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead.”

Whitman, 55, who took over eBay in 1998 when it was a fledgling Internet auction site and successfully guided it through its phenomenal growth phase, replaces Leo Apotheker, who was appointed to the CEO post less than a year ago.

Apotheker has been under the microscope for months as H-P’s stock has plunged under his stewardship and analysts have questioned whether he has a viable long-term strategy for the iconic Silicon Valley computer maker.           More

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