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|27th September 2012, 07:33||#1|
Join Date: May 2010
Cisco boss suggests even Meg can't turn around HP
Cisco Chief Executive John Chambers says that Meg Whitman faces an impossible task in trying to turn around HP.
Chambers told Reuters that there has never been a company that has been turned around by the fifth CEO on the job.
Whitman has been in Leo Apotheker's old desk at the helm of HP for almost a year.
Chambers said there is potential for HP to grow in market transitions to cloud computing and the move from PCs to tablets, it does not seem able to catch up.
To be fair he would not be a fan of HP anyway as the two compete in a number of areas such as networking equipment.
But at the same time Cisco said that it is not having many problems "competing against that hand".
Since Whitman took the helm HP has posted a $8.9 billion loss for its fiscal third quarter ended 31 July. Its shares on Tuesday hit a more than one-year low of $16.70.
Chambers admits he is a "huge" Whitman supporter, pointing to his backing of her unsuccessful run for governor of California in 2010.
He thinks she took the job because she cares about the Valley so much and HP is an integral part of the Valley.
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