Apotheker and Autonomy: I was only following orders!
Leo Apotheker, the former CEO of HP and the man under whose watch the company agreed to pay $10.24bn for Autonomy (as well as pull out of the tablet and smartphones market) says he shouldn’t be forced to single-handedly take the blame for Autonomy deal.
In a note to Bloomberg, Apotheker says “No single CEO is ever able to make decision on a major acquisition in isolation, particularly at a company as large as HP – and certainly not without the full support of the chairman of the board. The HP board, led by its chairman, met many times to review the acquisition and unanimously support the deal, as well as the underlying strategic objective to bolster HP’s market presence in enterprise data…
“I still believe the strategic vision that we tried to implement was sound… HP was and still is in need of a transformational strategy. Unfortunately, I was never given the opportunity to implement the strategy in its totality. The new leadership has now been in place longer than my 11-month tenure. But it’s clear that HP still is in search of the right path”.
Despite the public slanging match between HP and Autonomy founder Mike Lynch, todate no lawsuit has been filed by either party however legal action been commenced by an investor against HP executives involved in the Autonomy deal, with Apotheker named among the defendants.