Hewlett-Packard has announced that its new CEO will be Meg Whitman, the former head of eBay, just as All Things D's Kara Swisher reported earlier. The move comes on the heels of some speculation that HP's board was considering the ouster of current CEO Leo Apotheker after just 11 months, and HP says Apotheker will also give up his position on the company's board of directors.

The changes are effective immediately, and CNN Money reports that Apotheker will receive a $25m cash-and-stock severance package. Apotheker was brought on as CEO of the company last September after former CEO Mark Hurd was forced to resign amidst charges of inappropriate business conduct which involved the misfiling of expense reports and an internal investigation of charges of sexual harassment.

Apotheker, who has been largely silent as CEO of the company, was described in a New York Times article earlier today as a "laughingstock in Silicon Valley," and the recent abandonment of the webOS hardware division a little over a year after the acquisition of Palm has seen him come under harsh criticism.

The company has also announced that Ray Lane will transition from non-executive chairman to executive chairman of the board of HP, and immediately begin looking for someone from outside HP to serve as a lead independent director. HP will hold a conference call today at 2:00pm PT / 5:00pm ET to discuss the announcement, and we'll bring you any new information as it happens.

Click here for the HP CEO change live blog!

 

Source: HP, CNN Money