Posts tagged 'Meg Whitman'

Meg and the HP Lynchmob

The accused speaks.

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Whitman decides to keep PC division

Hewlett-Packard will keep its personal computer division rather than spin it off to shareholders, as its then chief executive, Léo Apotheker, had proposed before he was ousted last month. The FT reports Mr Apotheker’s successor as chief executive, Meg Whitman, said on Thursday that the biggest PC maker by revenue had studied the issue and found that the benefits of separation were outweighed by factors including the price advantages HP enjoys as a large buyer of computer components. “This was first and foremost a math exercise, and a very revealing one,” Ms Whitman said. “I also took into account the distraction that a spin-off would be.” Ms Whitman also said she was not considering whether to reverse another controversial decision by Mr Apotheker, to stop producing tablets and smartphones using HP’s webOS touch-based operating system. The company’s strategic plans for the next year are expected to be discussed on November 21, when the company reports earnings, according to Bloomberg.

 

Whitman decides to keep PC division

Hewlett-Packard will keep its personal computer division rather than spin it off to shareholders, as its then chief executive, Léo Apotheker, had proposed before he was ousted last month. The FT reports Mr Apotheker’s successor as chief executive, Meg Whitman, said on Thursday that the biggest PC maker by revenue had studied the issue and found that the benefits of separation were outweighed by factors including the price advantages HP enjoys as a large buyer of computer components. “This was first and foremost a math exercise, and a very revealing one,” Ms Whitman said. “I also took into account the distraction that a spin-off would be.” Ms Whitman also said she was not considering whether to reverse another controversial decision by Mr Apotheker, to stop producing tablets and smartphones using HP’s webOS touch-based operating system.

HP reconsidering PC spin-off

Hewlett-Packard is reconsidering its plan to spin off its personal computer division proposed by former chief executive Leo Apotheker, the WSJ says, citing people familiar with the matter. The report says HP has undertaken new analysis of the spin-off plan, which suggested it may not not make financial sense, in part because it would reduce HP’s buying power with suppliers. Neither new chief executive Meg Whitman nor the company’s board had made a final decision, the sources said.

HP hires Goldman to defend embattled board

Hewlett-Packard’s board has recruited Goldman Sachs to build defences against activist investors, the WSJ reports. The company’s ouster of Leo Apotheker as chief executive has increased concerns on the board that a wave of shareholder activism will hit the company. The board has already come in for further criticism over its abrupt hiring of Meg Whitman as a replacement chief executive despite a lack of experience in the computer hardware business. Activist buyers of Hewlett-Packard’s stock could try forcing the company to streamline its software and hardware businesses, analysts have said.

Whitman takes HP helm

Hewlett-Packard has named former Ebay chief executive Meg Whitman as its new chief executive, replacing Léo Apotheker after he had served less than a year at the top of the world’s largest computer maker by revenue, the FT reports, citing people close to the process. The board also named chairman Ray Lane as full-time executive chairman. A consensus among the board had emerged over the past week that Mr Apotheker needed to go and that Ms Whitman, an HP board member since January, would be the best successor. There was some support from the board and investors for Mr Apotheker’s decisions while leading the company, but the core problem for some directors was his execution and leadership. Cutting financial projections three times during his tenure alienated shareholders and he soon lost the initial goodwill he enjoyed from executives and other employees, people inside the company said.

HP shares rise on talk of new CEO

Hewlett-Packard shares jumped nearly 7 per cent as the board of the largest computer maker by revenue met and considered replacing chief executive Léo Apotheker after less than a year in the job. HP directors on Wednesday were weighing possible temporary or permanent successors, including former Ebay executive Meg Whitman, the FT reports, citing people close to the process. Also under discussion was whether to keep the personal computer business, which Mr Apotheker said last month he planned to spin off. HP was not expected to try to reverse its planned acquisition of Autonomy, the UK software group, for $10.6bn. Under the UK takeover code, it is very difficult for a company to walk away from an offer it has made without a material adverse change in the target.

Fiorina and Whitman win California races

Two former Silicon Valley CEOs have been launched into California’s gubernatorial and senatorial contests, the WSJ reports. Republican primary voters selected former HP boss Carly Fiorina for the Senate race, while former Ebay chief Meg Whitman will contend for governor. Both must now convince Californian voters that they offer more effective responses to the state’s economic paralysis than their veteran Democratic rivals.