Palo Alto, Calif. – Nearly two months after losing its
leader to a sexual harassment scandal, HP (NYSE: HPQ) on Thursday officially named Leo
Apotheker, the former CEO of SAP, as its new president and CEO.

The company’s
board also has named Ray Lane, managing partner at Kleiner Perkins Caufield
& Byers, as its non-executive chairman.

Apotheker succeeds Cathie Lesjak,
who was named interim CEO in early August. Lesjak will continue her role as

The news seemingly ends a tumultuous seven-week period for the company,
which began Mark Hurd stepped down as HP’s chairman, president and CEO
following an internal investigation into the possible sexual harassment of a
female contractor.

Though the investigation found no violation of HP’s sexual
harassment policy, the company said it did uncover violations of its standards
of business conduct.

Hurd subsequently hired as the co-president of Oracle.

Apotheker had worked for SAP since 1988, serving as its CEO, co-CEO, deputy CEO
and president of global customer solutions and operations.

"HP has the
right assets and market positions, and now we have the best team to realize the
company’s enormous potential," said Robert Ryan, HP’s lead independent


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