As expected, HP's board of directors has appointed Meg Whitman as president and chief executive officer. She replaces Léo Apotheker, who is stepping down from that position, as well as stepping down as president and director.

"We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” Ray Lane, executive chairman of the board of directors, said in a statement. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead. Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer focused with deep leadership capabilities. Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets."

HP's stock value has plummeted by 47% since Apotheker took the reins of the company last year. Plus, his decision to can the TouchPad and consider selling or spinning off HP's computer division wasn't well received, to say the least.

Still, speaking of Apotheker, Lane said: "“We very much appreciate Léo’s efforts and his service to HP since his appointment last year. The board believes that the job of the HP CEO now requires additional attributes to successfully execute on the company’s strategy. Meg Whitman has the right operational and communication skills and leadership abilities to deliver improved execution and financial performance."