HP Names SAP Ex-Chief As Its New CEO

Hewlett-Packard has named Leo Apotheker, the former head of SAP, as new Chief Executive in a surprise appointment. Hewlett-Packard’s shares dropped 3 percent in after-hours trading.

The top job at HP offers a unique opportunity to lead a technology icon but comes with big challenges and expectations. Unlike in 2005, when Hurd took over an HP in disarray, Apotheker will be at the helm of a well-run company whose investors will not be sated with another round of cost cuts. HP said Apotheker helped transform research and development at SAP, while driving expansion.

“My focus is on innovation and growth. I acknowledge the challenge of HP’s size and complexity, but underscored the company’s ‘deep and talented’ management team,” said Apotheker. “You’re never done with efficiency, and at HP we’ll continue to drive efficiency,” he said. “However, we will also want to continue to have a real focus on growth. So we’ll do both.”

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