HP Names Léo Apotheker As New CEO

Since the acquisition of Palm a few months back, HP's been on a roller coaster. The ride didn't slow down when former-CEO Mark Hurd resigned, and then a lawsuit came next. And while there's been rumors that Todd Bradley would take the CEO reigns at HP, it looks like the company had another person in mind. HP just announced today that they've named their new Chief Executive Officer. His name is Léo Apotheker, and he is the former CEO of SAP.

Apotheker will also be joining HP's board of directors. HP is hoping that they can draw on Apotheker's success that he achieved at the more than 20 years at SAP, where he helped make that company the largest business software applications company in the world. In the same release, HP adds that they've elected Ray Lane, the current Managing Partner at Kleiner Perkins Caufield & Byers, as the non-executive Chairman, and a new member of the Board. Both positions will be officially filled as of November 1st. Read the full press release below for more information.

Press Release

PALO ALTO, Calif., Sept. 30, 2010 – The Board of Directors of HP today

announced the election of Léo Apotheker as Chief Executive Officer and President.

Apotheker, who previously served as CEO of SAP, will also join HP's Board of

Directors. The Board also elected Ray Lane, Managing Partner at Kleiner Perkins

Caufield & Byers, as a new member of the Board and designated him as non-

executive Chairman. Both elections are effective November 1.

During Apotheker's more than 20 years at SAP, he was a driving force in making it

the largest business software applications company in the world. Apotheker helped

develop and implement the most significant changes in SAP history. During his

tenure, he transformed R&D and technology platforms and expanded business

models and customer segments. Apotheker also helped lead SAP to 18 consecutive

quarters of double-digit software revenue growth between 2004 and 2009.

Lane has served on the Board of Directors of more than 20 public and private

companies and joined Kleiner Perkins in 2000. Previously, he served as President

and Chief Operating Officer at Oracle Corporation. Earlier in his career, Lane also

worked at Booz Allen Hamilton, EDS and IBM.

"Léo is a strategic thinker with a passion for technology, wide-reaching global

experience and proven operational discipline – exactly what we were looking for in

a CEO," said Robert Ryan, lead independent director of the Board. "After more

than two decades in the industry, he has a strong track record of driving

technological innovation, building customer relationships and developing world-

class teams."

Ryan continued, "Léo has been a leader in anticipating the transformation taking

place in our industry, and we believe he is uniquely positioned to help accelerate

HP's strategy. He has demonstrated success in the U.S. market and also has vast

international experience – which will be a major asset as HP continues to expand

globally, particularly in high-growth emerging markets. HP has the right assets and

market positions, and now we have the best team to realize the company's

enormous potential."

"HP has a powerful mix of businesses, products and services, one of the most

innovative cultures in the industry, and an accomplished management team who

have played a critical role in its success," said Apotheker. "I am deeply honored to

be joining the more than 300,000 dedicated HP employees."

Apotheker continued, "Given HP's diversified products and services, its financial

strength, and its leadership position across markets, no other company is as well

positioned to drive – and profit from – the revolutionary changes under way in the

marketplace. As we move forward, HP will continue to be a valued partner with our

customers as well as a fierce competitor. I look forward to working with the

outstanding people at HP to write the next chapter in the company's long and

proud history."

"I am excited to join the Board of this pioneering company, and look forward to

working closely with Léo – and the rest of the Board and senior management team

– as they capitalize on the changes taking place across the industry," Lane said. "I

have known and admired Léo for almost 20 years. He is ideally suited to build on

HP's strong foundation, leverage its many assets and keep the company at the

forefront of innovation."

Apotheker will succeed Cathie Lesjak, who was named interim CEO in August

2010. Lesjak, who has served as HP's Chief Financial Officer since January 2007,

remains CFO and continues to serve as a member of the Executive Council. Ryan

said, "Cathie is and will continue to be an important part of HP. We are extremely

fortunate to have one of the deepest, most talented senior management teams in the

industry and to have someone of Cathie's caliber lead HP during this interim

period. On behalf of the entire Board, I would like to thank Cathie and our senior

management team for maintaining HP's focus on serving customers and continuing

to execute our strategy."