San Francisco: The Chief Executive Officer (CEO) of technology giant Hewlett-Packard might lose his job after eleven months of service. According to reports, the HP Board may replace Leo Apotheker with former eBay CEO and California Governor candidate Meg Whiteman.
It is been said that Whiteman may join HP Board but on a temporary basis. The Board is planning to have a meeting soon to discuss about the changes.
The stocks of HP rose after this announcement of the proposed action.
Apotheker, aged 58, had replaced Mark Hurd around 11 months ago.
Apotheker remained at the position of a CEO in German software giant SAP for 10 months. On 18th august, Apotheker announced that HP will go through many changes and will shut down its mobile business.
The company had to undergo huge stock market losses as its shares plunged 20 percent the following day. This was the worst situation since Black Monday in 1987.
One day before Apotheker's appointment as the CEO of HP, the company had to pay for this.
The Palo Alto, California-based tech giant's stock closed at 42.04 dollars. On Tuesday, the price closed at 22.47 dollars, a decrease of 46.6 percent in less than a year.
Whiteman remained at the position of the CEO and president of eBay for 10 years, where she contributed a lot to its growth. But she was criticized at the time of the acquisition of Skype in 2005 when she overpaid with 4.1 billion dollars. eBay took over Skype at a valuation of 2.75 billion dollars.
She was nominated for the post of governor of California in 2010 but lost the election to Governor Jerry Brown. She had spent more than 140 million dollars in the campaign.