Prior to being elected CEO of HP, Apotheker was at German enterprise software developer SAP for more than 20 years.
(WEB HOST INDUSTRY REVIEW) — The board of directors of technology firm HP (www.hp.com) has elected Léo Apotheker chief executive officer and president to replace Cathie Lesjak, who was named interim CEO in August when Mark Hurd resigned following an investigation into alleged indiscretions.
Prior to his hiring by HP, announced Thursday, Apotheker was at German enterprise software developer SAP (www.sap.com) for more than 20 years, and was promoted to co-CEO of the company in April 2008. He has been credited as a major force in making SAP the largest business software applications company in the world, and was instrumental in developing and implementing the most significant changes in SAP history.
During his tenure at SAP, he transformed R&D and technology platforms and expanded business models and customer segments. Apotheker also helped lead SAP to 18 consecutive quarters of double-digit software revenue growth between 2004 and 2009.
“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,” the HP lead independent board director Robert Ryan said in a statement. “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.”
Apotheker will become HP CEO and also join the company’s board of directors effective November 1. Dow Jones Newswires reports that he will get a $4 million signing bonus, an annual base salary of $1.2 million, and will be eligible for up to $6 million in bonuses for the coming fiscal year.
“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,” Apotheker stated. “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. 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.”
The Board also elected Ray Lane, managing partner at investment firm Kleiner Perkins Caufield & Byers, as a new member of the board and designated him non-executive Chairman effective November 1.
Lane has served on the boards of more than 20 public and private companies. Prior to joining Kleiner Perkins in 2000, he had served as president and chief operating officer at Oracle (www.oracle.com).
“I am excited to join the Board of this pioneering company, and look forward to working closely with Léo – and the rest of the Board and senior management team – as they capitalize on the changes taking place across the industry,” Lane said in a statement. “I have known and admired Léo for almost 20 years. He is ideally suited to build on HP’s strong foundation, leverage its many assets and keep the company at the forefront of innovation.”
Apotheker will succeed Cathie Lesjak, who was named interim CEO in August 2010.
Lesjak, who has served as was named interim CEO at the departure of former CEO Mark Hurd in August, will remain Chief Financial Officer, a position she has held since January 2007. She will also continue to serve as a member of the executive council.
In August, Hurd resigned his position as HP chairman, CEO and president following an investigation into a sexual harassment claim against Hurd by HP marketing consultant Jodie Fisher. While the investigation determined that Hurd had not violated HP’s sexual harassment policy, he was found to have violated HP’s Standards of Business Conduct by falsifying expense reports and breaking the trust of the board by attempting to keep his relationship with Fisher from them.
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