HP named Léo Apotheker, formerly CEO of SAP, as its new CEO to replace the recently ousted Mark Hurd. Apotheker will also join HP’s Board of Directors. 

"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 HP’s 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 added, "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."

"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," he added. "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."

HP’s 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.