HP's Unlikely Savior: Steve Jobs?http://www.fool.com/investing/general/2013/01/11/hps-unlikely-savior-steve-jobs.aspx Evan Niu, CFA
January 11, 2013
It didn't have to be this way. It was Hewlett-Packard's (NYSE: HPQ) own decision to oust ex-CEO Mark Hurd over a sexual harassment scandal back in 2010. Part of the juicy story entailed falsifying $20,000 in expense reports, which is completely meaningless from a monetary perspective relative to the shareholder value he created -- and how much has been destroyed since he left.
Rise and fall
After leaving, HP is on its second CEO, Meg Whitman, after similarly booting Hurd's immediate successor Leo Apotheker. The cumulative results so far of Apotheker's and Whitman's efforts have not been as kind to investors.
One man did what he could to save HP and Hurd: Steve Jobs.
Shortly before his death, he aptly characterized what was happening to HP: It was "being dismembered and destroyed."
Walk it off
Oracle (NASDAQ: ORCL) CEO and one of Jobs' closest friends Larry Ellison had called HP's move "the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago." Of course, actions speak louder than words and Oracle immediately snapped up Hurd posthaste; he's now Oracle's president and sits on the enterprise software giant's board.
Jobs was know