HP promotes Meg Whitman to CEO

Hewlett-Packard named former eBay Chief Executive Meg Whitman as its new president and CEO, replacing unpopular leader Leo Apotheker at the helm of the largest U.S. technology company.

Source: AP Meg Whitman, former eBay CEO

The move, effective immediately, confirmed earlier reports on the impending change.

"We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead," said Ray Lane, executive chairman