Meg Whitman to take over from Apotheker at HP

Former eBay chief executive Meg Whitman is to replace Léo Apotheker as chief executive and president of HP, effective immediately.

Apotheker, who was rumoured to be on his way out, will resign both positions as well as his place on HP's board of directors.

"I am honoured and excited to lead HP," said Whitman. "I believe HP matters; it matters to Silicon Valley, California, the country and the world."

The appointment follows concerns from HP shareholders over HP's performance in recent months.

Apotheker took on a number of high-profile projects, including the acquisition of Autonomy and the controversial decision to rid HP of its Personal Systems Group and webOS hardware lines.

Analysts noted that sagging financial results under Apotheker have seen the company and its board of directors under fire from investors.

"[Apotheker] basically made the decisions and took responsibility for instituting some pretty radical changes, and he got hammered for it," Pund-IT principal analyst Charles King told V3. "HP's board probably could not take the heat any more."

The move could also signal a change in HP's management structure. The company has indicated that it wants to shift some of the decision making away from the chief executive.

King said that HP will get a balanced and respected leader in Whitman, and a chance to repair its historically dysfunctional boardroom culture.

"Meg Whitman has been a member of the board for the better part of a year, so they have a known entity," the analyst explained.

"If you made a list of the five most recognisable chief executives in Silicon Valley right now, Whitman would definitely be on that list."