Compaq lingered for a tortured decade.”Léo Apotheker May Have Been Worse H.P. During Apotheker's tenure at HP the stock dropped about 40%. Former proALPHA and SAP executive positions Syncron for next stage of growth and innovation STOCKHOLM, 25 June 2020 – Dr. Friedrich (“Fritz”) Neumeyer will join Syncron as Chief Executive Officer, effective 1 Aug. 2020. officials reviewed the accounting report in detail with the KPMG partner in charge of it, Andrew Gersh, who didn’t raise any serious concerns.In a statement, KPMG said, “We stand behind our work and our report, but beyond that our professional obligations and client confidentiality agreements prevent us from speaking in any greater detail.”On at least two occasions, Aug. 16, before the deal was announced, and Sept. 4, after the deal was announced and investors punished H.P.’s stock price, Mr. Lane, the board chairman, expressed serious reservations. discovered what it now maintains was a huge fraud on the part of Autonomy’s top executives, including Autonomy’s chief executive, Michael Lynch, and its chief financial officer, Sushovan Hussain. Chief Than Carly FiorinaAs chief executive of Hewlett-Packard, Léo Apotheker oversaw its acquisition of Autonomy, the British software company, in 2011.Thomas Lohnes/DAPD News Agency, via Associated PressHewlett-Packard has sued Autonomy’s former chief, Michael Lynch, who in turn has countersued.James B. Stewart, on CNBC, discussed the leadership skills of top executives at Hewlett-Packard, including Carly Fiorina and Léo Apotheker.
accused Mr. Lynch and Mr. Hussain of fraud For its part, H.P. Nor did Raymond J. Later in 1997, he became the president of SAP's South West Europe region; and by 1999, president of SAP EMEA (Europe, Middle East, and Africa) sales region.
Non-Executive Director.
wrote off $8.8 billion related to Autonomy.Just how bad is confirmed by the latest revelations from a shareholders’ suit over the deal: Mr. Apotheker didn’t even read the due diligence report on Autonomy that H.P. H.P.’s lawyers also said it was extremely difficult to back out of a signed and announced deal under British law.But the KPMG report surely provided enough evidence — Autonomy’s refusal to back up its assertions with documents, as well as KPMG’s warning that Autonomy’s organic growth was declining and revenue growth came in large part through acquisitions, just as Mr. Lane feared — to renegotiate or cancel the deal before it was announced.According to Professor Elson, “The KPMG report could have been a road map out of the deal.” The lack of cooperation “was stressed so high in the executive summary, which makes it clear that they needed to do a deeper dive,” he said. spokesman said it wasn’t clear who prepared that summary but noted that at least six H.P. "On behalf of Syncron's Board of Directors, I am thrilled to welcome Fritz Neumeyer as the company's next CEO," said Léo Apotheker, Chairman of the Syncron …
could get out of the deal. Han Sikkens. The executive summary stresses repeatedly that Autonomy stonewalled KPMG accountants, who were granted “access to very limited proprietary financial and tax information,” the KPMG report says at the outset.“The data and access provided to us during due diligence was very limited,” the report says, which, it adds, is “not unusual” when dealing with acquisitions in Britain.The report also questions Autonomy’s claimed stellar revenue growth, a critical factor in justifying the exorbitant price H.P.
Jeffrey A. Sonnenfeld, a professor at the Yale School of Management, has memorably called the rising Republican presidential star Carly Fiorina “A contender for that dubious distinction would surely be Léo Apotheker.During their tenures at H.P., both Ms. Fiorina and Mr. Apotheker presided over what were hailed as transformative acquisitions: Compaq, the personal computer company that merged with H.P.
Chief Executive Officer Antony Clavel. In an email to Mr. Apotheker, Mr. Lane wrote that he was “haunted” by Autonomy, was worried that it was a “roll up,” (meaning that growth came through acquisitions) and asked if H.P.