Leo Apotheker | featured news

Hewlett-Packard Co is on the verge of naming former eBay Chief Executive Meg Whitman its new CEO, replacing Leo Apotheker at the helm of the largest U.S. technology company, two sources told Reuters on Thursday.

Directors of the company were considering Meg Whitman, the former chief of eBay, to replace Léo Apotheker, sources said.

Hewlett-Packard Co is shaking up a board criticized by many as dysfunctional, bringing in five new directors including former eBay chief Meg Whitman, as new CEO Leo Apotheker remakes the company.

H-P's new CEO Leo Apotheker will get nearly $15 million in bonuses and initial stock awards for taking over the technology giant. His annual salary will be $1.2 million.

Hewlett-Packard Co.'s board upset many investors when it forced out Mark Hurd as CEO nearly two months ago. Now, those directors appear to have baffled Wall Street with its selection of HP's new leader - Leo Apotheker, who lost his job running German business software maker SAP earlier this year after he didn't live up to expectations.