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HP Officially Dismissed Leo Apotheker and Appointed Whitman as CEO

This is HP's third time to fire CEO in six years

According to the recent report of China-telecommunications.com, HP's board ousted CEO Leo Apotheker and appointed the former CEO of eBay Meg Whitman to succeed Apotheker. This is HP's third time to fire CEO in six years.

HP's chairman Ray Ryan said, we are very grateful for Leo Apotheker's efforts and services since he became the CEO of Hewlett-Packard in the last year. HP requires immediate appointment of an independent director. China-telecommunications.com (http://www.china-telecommunications.com/products/) reports that HP's board of directors believes that HP's CEO position requires additional attributes to the successful implementation of the company's strategy. Whitman has the appropriate operational and communication skills and leadership to improve the implementation and financial results.

China-telecommunications.com points out that since Apotheker served as HP's CEO, he has lowered earnings expectations of Hewlett-Packard for three times and has expanded the softwareproduct portfolio. Last month he decided to spin off PC business and spend $ 10.3 billion for the acquisition of UK's software company Autonomy. It is generally considered the price is too high.

China-telecommunications.com analyzes that a few weeks ago, HP's Board of Directors approved and publicly supports Apotheker's plans to implement reforms for HP, and although the investors criticized these initiativesand HP's shares suffered heavy losses. Apotheker may receive compensation and severance pay of $ 35 million.

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