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. 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.