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Investor Relations Are Strained as Meg Whitman Becomes the Latest HP CEO
Investors seemed unmoved when news came on September 22 that past eBay CEO and California gubernatorial candidate Meg Whitman has taken over as president and CEO of Hewlett-Packard. Ms. Whitman vacated her spot on the HP Board of Directors to replace outgoing president and CEO Léo Apotheker. Mr. Apotheker was shown the door by the board after he reported disappointing earnings on August 18 (see “HP Restructures After Disappointing Q3: What Does It Mean for IPG?”) and poorly articulated a turnaround plan to the investment community. HP share prices tumbled in the wake of the anemic third-quarter results and Mr. Apotheker’s lackluster financial call and remained down even after news broke of Ms. Whitman’s new role.
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