Hp Names Ceo Meg Whitman Chairman Of The Board

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Hp Names Ceo Meg Whitman Chairman Of The Board

 user admin 2014-07-22 at 12:07:15 pm Views: 346
  • #29704

    Hp Names Ceo Meg Whitman Chairman Of The Board
    CEO Meg Whitman Named Chairman Of hp
    By Steve Johnson

    PALO ALTO — Following the resignation of Hewlett-Packard's chairman Ralph Whitworth earlier this week, the company on Thursday named its CEO, Meg Whitman, to fill the post.

    Whitman has been president and chief executive of the Palo Alto technology giant since September 2011 and a member of the board since January 2011. She has been credited by many Wall Street analysts with helping shore up the company's finances, which had been hurt in recent years largely due to dwindling consumer interest in its personal computers.


    "Meg has been an outstanding leader since coming to HP, and we believe that as chairman she can most effectively drive the turnaround and continue to build value for our shareholders," Gary Reiner, chairman of the HP board's nominating, governance and social responsibility committee said in a news release.

    Whitworth, named interim chairman last year to help revitalize the company, announced Tuesday that he was resigning for health reasons. HP didn't disclose what health problem he has, but a source said he is suffering from recurrent cancer. Whitworth, whose last day at HP was Wednesday, also is taking a leave of absence from his investment company, Relational

    Past HP chief executives who simultaneously served as chairman include Mark Hurd, Carly Fiorina, Lewis Platt and David Packard.

    HP also announced that Klaus Kleinfeld, chief executive and chairman of Alcoa, has been appointed as one of its directors, bringing the total number of board members to 12.

    Whitman's selection as chairman wasn't universally cheered by Wall Street observers.

    "HP's board obviously is happy with her and the progress that she's made," said Baird Equity Research analyst Jayson Noland. "But I would also say that most shareholders prefer to see separation of the chairman and CEO roles at large companies."

    However, tech analyst Pat Moorhead said Whitman's dual leadership positions didn't trouble him.

    "I think this shows the board's confidence in Whitman" and demonstrates that she "is getting the credit for the company's accomplishments," he said. "What no one is privy to is how she handles herself in the boardroom. But based on the appointment, it must be pretty good. Boards realize after a while the capabilities of the CEO and they were obviously impressed to give her the post."

    Since taking over as CEO, Whitman has reshuffled HP's executive ranks, trimmed 34,000 jobs and refocused its business to emphasize several key areas, including warding off computer hackers, helping businesses operate on the Internet and data analysis.