HP has just named their new CEO. No, it’s not Todd Bradley — a popular guess out of the current ranks (and clearly he was thinking about it as well). Instead, HP’s Board went outside and picked Léo Apotheker, the former CEO of SAP.
In February, Apotheker abruptly left SAP after only seven months in the CEO position – well, the sole-CEO position. He had been co-CEO with Henning Kagermann for a couple of years before that. But he had been with SAP for over 20 years.
More recently, Apotheker had launched a private equity fund to invest in European software, IT, and telecom.
At SAP, Apotheker had led worldwide sales, service, and field operations for five years, HP notes in their release. He was a member of their executive board from 2002 to 2010, when he left.
In addition to Apotheker, HP’s Board elected Ray Lane (a Managing Partner at venture capital firm Kleiner Perkins Caufield & Byers) as both a new member of the Board and as the non-executive Chairman. Apotheker will join HP’s board as well. Both appointments become official on November 1.
Thus ends the Mark Hurd saga at HP (well, for now at least). Hurd was forced out as both CEO and Chairman of the Board amid scandal back in August. He quickly joined Oracle as co-President, while led to lawsuits. But those were quickly resolved as well.
Below, find the 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-
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
“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
“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.”