Meg Whitman Out As CEO Of HP Enterprise, Stock Tumbles

Tyler Durden's picture

Is it just us, or are corporate executives exiting almost as fast as Hollywood sex perverts?

Moments after we learned that the head of Pixar and animation at Disney was taking a leave of absence due to "kissing, groping" missteps, HP Enterprise announced that long-time CEO Meg Whitman is stepping down effective February 1, 2018. And no, no sexual harassment here, although in light of the business' secular decline that may have been a better option for shareholders.

Then again, shareholders certainly had it nice when Whitman's biggest achievement appears to have been the following (from the press release): "Under Whitman’s leadership, significant shareholder value has been created, including nearly $18 billion in share repurchases and dividends."

As for Whitman's next steps, we look forward to her entry in the 2020 presidential race, although it is not exactly clear if she will run as a democrat or republican.

From the release:

Hewlett Packard Enterprise (NYSE:HPE) today announced that, effective February 1, 2018, Antonio Neri, current President of HPE, will become President and Chief Executive Officer, and will join the HPE Board of Directors.  Meg Whitman, current Chief Executive Officer, will remain on the HPE Board of Directors. 

 

“I’m incredibly proud of all we’ve accomplished since I joined HP in 2011.  Today, Hewlett Packard moves forward as four industry-leading companies that are each well positioned to win in their respective markets,” said Meg Whitman, CEO of HPE. “Now is the right time for Antonio and a new generation of leaders to take the reins of HPE. I have tremendous confidence that they will continue to build a great company that will thrive well into the future.”

 

Meg Whitman was appointed President and CEO of HP in September 2011.  Since then, she has executed against a five-year turnaround strategy that has repositioned the company to better compete and win in today’s environment.  Under her leadership, the company rebuilt its balance sheet, reignited innovation, strengthened operations and improved customer and partner satisfaction.  It also made strategic moves to focus and strengthen its portfolio, most notably its separation from HP Inc., which was the largest corporate separation in history.  She also led the subsequent spin off and mergers of HPE’s Enterprise Services and Software businesses, as well as strategic acquisitions including Aruba, SGI, SimpliVity and Nimble Storage. 

 

Under Whitman’s leadership, significant shareholder value has been created, including nearly $18 billion in share repurchases and dividends.  Since the birth of HPE on November 2, 2015, the company has delivered a total shareholder return of 89 percent, which is more than three times that of the S&P 500.   

 

“During the past six years, Meg has worked tirelessly to bring stability, strength and resiliency back to an iconic company,” said Pat Russo, Chairman of HPE’s Board of Directors. “Antonio is an HPE veteran with a passion for the company’s customers, partners, employees and culture. He has worked at Meg’s side and is the right person to deliver on the vision the company has laid out.”

HPE stock is down 8% on the news.

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ParkAveFlasher's picture

MEG WHITMAN GROPED ME, dat's why she's out

HisNameIsRP's picture

She put her foot on top of my foot

Bud Dry's picture

She's going to teach a class at Harvard called "How to ruin a business 101"

BullyBearish's picture

IJDFMA

 

"it just doesn't f*^&ing matter, anymore"

Throat-warbler Mangrove's picture

She is co-teaching with Carly Fiorina and Lew Platt.

bamawatson's picture

exceeds jurisdictional limits

junction's picture

Between Meg Whitman and Carly Fiorina, HP is a dead company walking.  I remember being in a Costco and asking the sales associate there to test out a HP copier with a $5 bill.  The copier rejected the command, it had been programmed to detect U.S. currency and not copy it.  Too bad the HP Board of Directors does not have a device to block appointments of worthless POS CEOs. 

mc888's picture

Carly Fiorina was smart enough to buy Compaq, and dumb enough to destroy it.

helloimjohnnycat's picture

Great comment !

Fatt cuntts like Meg do score in the IQ dept.

But these fat-assed old broads need to roll-on and Ban themselves from business, and certainly public servitude.

Doesn't take more than three days before they begin to stink.

When po' things are made like a woman, but look like a man, it's no Secret somebody else is holding us up.

 

Code Duello's picture

Doesn't matter what party she's a candidate for - she's a loser.

overbet's picture

good numbers btd

Erek's picture

WTF? How many are planning on running for president next time around? Geez, there won't be anyone left to cast votes.

LedMizer's picture

WTF does it matter whether she runs as a jackass or a pachyderm?

silverer's picture

Before she can run as a democrat, she has to have reached several milestones regarding crimes committed in the past and if she was convicted or skated out of it. It's important to have those skills, you know.

hedgeless_horseman's picture

 

Reverse Polish is dead.

Anonymous_Sources's picture

not true, give it a few more years, it will come back into style

Buckaroo Banzai's picture

Still have my beloved HP-11C around here...somewhere...and my 12C too

PacOps's picture

Still have and use my 12C.

 

 

Gorgeous's picture

h_h, if I ever get an invite to come visit you in your future Texas commune, I will propound to you the efficiencies of RPN.

HominyTwin's picture

RPN was only ever used because it's easy to parse using a stack. Make the stupid humans use RPN to make programming easier for stupid programmers.

Lumberjack's picture

I get a chuckle having people use my HP who have no concept of RPN. Even funnier is when I re-assign the keys!

I still have my 11-C, 15-C and the 41-CV with engineering chip sets.

Lumberjack's picture

Back in the day had the HP 3820 and the 3820-A surveying instruments.

I also like the wild T-1 and NA-2.

StychoKiller's picture

Blecch!  I have an Hp-85A, Hp1631D (logic analyzer) and a Hp3470 (multi-meter)

Moving and Grooving's picture

Remember their O-scopes and wave analyzers? Awesome.

 

.

nonclaim's picture

RPN demands an attention span beyond of what you see. So, not for everyone.

Robert of Ottawa's picture

In a similar vein, let's hear it for Algol!

Agent P's picture

Just think of math equations the way Yoda would say them, and RPN makes perfect sense.

(For the record, my HP is set to algebraic)

Robert of Ottawa's picture

Reverse Polish Notation made perfect sense on a stack based machine.

Throat-warbler Mangrove's picture

My HP45 from 1974 still works, as does my 16C.

Anonymous_Sources's picture

Under Whitman’s leadership, significant shareholder value has been created, including nearly $18 billion in share repurchases and dividends. 

Says it all right there, a true leader, 

Secret Weapon's picture

Just wondering how much the dumb shits borrowed to buy back their own stock?  The company should implode next year for sure.

Code Duello's picture

Share repurchases at zero percent.  Yes, a really astute ceo. lol.

Buckaroo Banzai's picture

" Under Whitman’s leadership, significant shareholder value has been created, including nearly $18 billion in share repurchases and dividends.  Since the birth of HPE on November 2, 2015, the company has delivered a total shareholder return of 89 percent, which is more than three times that of the S&P 500. "

My dog could be easily trained to buy stock back every quarter for seven straight quarters. Meg obviously went to school on IBM, which is not surprisingly helmed by yet another overrated female CEO.

 

E.F. Mutton's picture

The backordered drapes for her bunker must have come in.  All is ready now.

Gorgeous's picture

What breed is your dog?  I have serious doubts you can train it to buy stock for seven straight quarters.  One or two, maybe.

Buckaroo Banzai's picture

It's easy, you just have to remember to put a doggie treat on the "buy" key four times a year, and you're golden.

Ignorance is bliss's picture

I'm sorry honey but you're not too bright. Meg is a dog that doesn't hunt and someone taught her to buy stocks on a quarterly basis. I compete in the tech field everyday and I haven't seen HP as a serious threat in years. They sell me too server blades that have razor thin margins. So what..Dell, Lenovo, micron eat their lunch. Hp is on its way to the graveyard without a miracle. They lost their way under Herd, Fiorino, and now Meg. They all sucked.

StychoKiller's picture

Thank heavens Agilent is a separate company!

No.Fifth.Turning's picture

You'll see more and more CEO's cashing out to cover their scam of "share repurchases."  Buying back shares with debt will be what kills the market in the end; earnings at some point wil not "beat."

pizdowitz's picture

So did every other tech company.

Yen Cross's picture

  She's a horrible CEO. She fucked up E-Bay then ran to" we be computers and shit" and also fucked that up.

 I hope she runs for POTUS.  The bitch is evil, and vetting will show.

Buckaroo Banzai's picture

I defy anyone to name a single female CEO that has not had a spotless record of destroying real shareholder value. Sorry, share buybacks don't count.

Agent P's picture

Indra Nooyi has done a pretty decent job at Pepsi

Code Duello's picture

In the time she's been at Pepsi she has destroyed the corporate culture.  The place to work at if you're a bleeding heart liberal.

On three, let's all break down and cry out loud 'cause Trump was elected. 

bigkahuna's picture

It may seem to be females - but reallly it is that MBA style of management that is running everything into the dirt.

freedogger's picture

Spot on with that comment big K