The maker of expensive printer ink, HP is having a few troubles turning itself around even after the appointment of action man Leo Apotheker.
Ray Lane – who used to be a big boss at Oracle, said that turning HP into Apotheker’s vision of a cloud based outfit will require more investment and time.
There have been those on Wall Street who have made it clear that they do not think much of Apotheker’s cunning plan. The fact they have seen two quarters with slashed sales expectations might have something to do with it.
Lane – now at VC Kleiner Perkins Caufield & Byers, claims that Apotheker is having to sort out the mess that former CEO Mark Hurd left behind.
He said that Hurd’s serial cost-cutting, which followed similar polices from Carly Fiorina had stifled innovation at a Silicon Valley icon once renowned for cutting-edge products.
Turning this around was not a three month job
Lane said that Hurd did not invest in the company and burned the furniture to please Wall Street.
Apotheker is interested in the long term future of the HP and less interested in making Wall Street happy, Lane told Reuters .