eBay veteran Whitman is new HP CEO

US computer maker Hewlett-Packard has named Meg Whitman as its new CEO (AP)

Published: 9:39pm, 22nd September 2011
Updated: 11:06am, 26th September 2011

US computer maker Hewlett-Packard has named Meg Whitman, the former eBay CEO and California candidate for governor, as its new CEO, pushing aside Leo Apotheker after just 11 months in the role.

Ms Whitman got the top job because there are few available people with the experience to run complex technology businesses, a source familiar with the matter said.

Mr Apotheker is being removed because the board lost confidence in his ability to lead the company long-term.

The management shake-up represents yet another turnaround strategy at one of Silicon Valley's oldest, but most publicly dysfunctional, firms.

Since joining HP in November, Mr Apotheker's strategic decisions have been drastic, and did little to inspire confidence.

HP's stock fell nearly 50% during his time at the helm. It dropped about 5% on Thursday.