Technology has its eyes on banking. Apple is expected this week to launch Apple Pay, its touchless payment system for iPhones; venture capital funds are pouring money into “fintech” start-ups; and Marc Andreessen, the technology entrepreneur, talks of “a chance to rebuild the system. Financial transactions are just numbers; it’s just information.”
The appointment of Meg Whitman today to replace Léo Apotheker at Hewlett-Packard is a resounding blow to Mr Apotheker. But it also reflects very badly on the hapless HP board.
I was very critical of Mr Apotheker’s abrupt change of course in August, arguing that he had “needlessly alienated investors by thrusting so much unpalatable information and future uncertainty on them at once. He should have taken things steadily rather than making a big bang.”
But what was HP’s board doing by appointing him less than a year ago, agreeing to his strategic shift, including a spin-off of its personal computer division, and then turning round and jettisoning him after the market reacted badly? Read more