HP finds its CEO

HP announced yesterday that it hired Leo Apotheker as its new CEO, replacing Mark Hurd, who resigned amid scandal in August.

HP announced yesterday that it hired Leo Apotheker as its new CEO, replacing Mark Hurd, who resigned amid scandal in August. A former SAP executive, Apothekar will earn $1.2 million a year, according to Reuters.

HP also named Ray Lane, a venture capitalist at Kleiner Perkins Caufield & Byers, its non-executive chairman. The Wall Street Journal reported:

"HP is an iconic company that will move the industry forward," Mr. Apotheker said in an interview. He said his hiring isn't a sign HP is going to place more of an emphasis on software and praised the totality of the company's product line.

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