HP Stock Takes Beating Following Installment of Meg Whitman as CEO

Wall Street and its investors reacted with less than favor to the installment of Meg Whitman as the new CEO of HP this week.

Shares of Hewlett-Packard were pounded in early trading Friday as concerns mounted that the former eBay CEO can save the proverbial sinking ship that some believe HP is.

Shares are already $3 lower from Wednesday’s price of $24.90 when word came Leo Apotheker was departing as company CEO.

According to new HP executive chairman Ray Lane, “Meg is a technology visionary with a proven track record of execution.”

“I am resolved to restore it to its rightful place,” Whitman said, following the formal announcement of her appointment.

“I think the way we have to rebuild the confidence of investors, the confidence of employees, is we have to execute. We have to say what we’re going to do. We have to mean it, and we have to deliver the results. In the end, the only thing that will rebuild confidence in this company is delivering the results, and that’s what I intend to do,” Whitman said, speaking to HP investors for the first time on Thursday.

“Now, I know that HP has disappointed investors in recent quarters, and we’re not happy about it. Going forward, HP will have no higher priority than to do everything in our power to meet the challenges of today’s macroeconomic environment, and frankly, improve our operational and financial performance,” she added.