To paraphrase Mr. Lane, "I have known Leo for years," and then, "I have been looking at replacing him for three months." So despite his familiarity with Leo and being the main factor in recruiting him as CEO, after only six months into his tenure, the BOD decides they made a mistake. And now they bring in Meg Whitman because she allegedly knows the company so well. In fact, she has been involved with HPQ for less time than Leo.
Whitman did a great job at Ebay (EBAY) but they are a retailer while HPQ is a commodity company in technology. Different skill sets are required. Derek Jeter may be a great shortstop but can't pitch so don't put him on the mound. What is most stark about this move by HPQ's BOD is that they should have understood that the market lacks confidence in the company at every level and should have taken their time in searching for a new CEO with a skill set more in tune with their needs. A wait and see story has become a don't wait because it will be a long time before you see any improvement. And, in my view, there is absolutely no chance of Oracle (ORCL) paying in excess of $50 billion for a faltering business. The entire board of directors should be replaced and Ray Lane should be the first to go.
Having said all this, I still nibbled on the stock for a trade. Sentiment is unanimous in its negativity.