Hewlett-Packard Co. has gone outside of Silicon Valley to hire a new CEO.
Leo Apotheker, the former head of German software company SAP, has been named to succeed Mark Hurd, who was shown the door by HP in August. He was accused of filing inaccurate expense reports related to a female marketing contractor. Investors aren’t overly impressed with the announcement. HP shares fell three-percent with some concerned about Apotheker’s ability to steer a massive 130-billion dollar hardware and services company.
Apotheker left SAP after just seven months on the job amid a tsunami of customer complaints. Speaking to reporters Thursday, he acknowledged running HP would be a challenge but pointed out he’ll have the support of a “deep and talented” management team.