So Leo got Sunk

HP announced that their sucked from SAP wunderkinder Leo Apotheker has been asked to go and destroy the value locked away in another company while they promote Meg Whitman who previously drove eBay towards the rocks.

HP tell us Meg Whitman has the credentials to do the job because she has been on the board for 8 months giving her a “solid understanding of our products and markets”.

Now here is what HP said about Leo when they got him to replace Mark Hurd who wanted to shorten his commute to the tennis courts to play Larry Ellison:

“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,” said Robert Ryan, lead independent director of the Board. “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.” Ryan continued, “Léo has been a leader in anticipating the transformation taking place in our industry, and we believe he is uniquely positioned to help accelerate HP’s strategy. He has demonstrated success in the U.S. market and also has vast international experience – which will be a major asset as HP continues to expand globally, particularly in high-growth emerging markets. HP has the right assets and market positions, and now we have the best team to realize the company’s enormous potential.”

…we all saw how well that worked out for HP…the good thing is they are looking for some consistency in the skill set of their CEO’s

During Whitman's tenure as CEO, eBay completed the purchase of Skype for $4.1B in cash and stock in September 2005. In 2009, Skype was sold by eBay at a valuation of $2.75B.

Good start.

Now when Meg wanted to run for the Governor of California against Jerry Brown she generated this record for herself:

The fourth wealthiest woman in the state of California with a net worth of $1.3 billion in 2010, she spent more of her own money on her candidacy than any other self-funded political candidate in U.S. history, spending $144 million total of her own fortune and $178.5 million including donors.

She lost and HP want to put someone with such a record of fiscal rectitude in charge.

Good luck to all you HP shareholders I think the fun part of the ride has just begun.