The rumors turned to fact on Thursday as Silicon Valley giant Hewlett Packard let go of Chief Executive Officer Leo Apotheker, replacing him with former eBay boss and Republican gubernatorial candidate Meg Whitman.

Our sister site, SV411 reports that in addition, Ray Lane has moved from non-executive chairman to executive chairman of the board of directors.

“We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” said Lane in a statement. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead. Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer focused with deep leadership capabilities. Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.”

Whitman said in a statement that she is “honored and excited to lead HP.”

It was a tough time for Hewlett Packard under Apotheker, as the company lost an estimated $60 billion in market value since he took over for embattled former CEO Mark Hurd last year.

Hurd left the company following a much-publicized sexual harassment scandal.

Still a leader in PCs and printers, HP has also been looking to expand into technology services and computer networking.



Photo Credit: Max Morse, via Wikimedia Commons