In another twist to HP’s tale, the company today announced that its board of directors has appointed Meg Whitman as president and chief executive officer. And Leo Apotheker, who joined HP just eleven months back as CEO is stepping down.

“We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” said Ray Lane, executive chairman of the board of directors. “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead. Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer focused with deep leadership capabilities. Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.”

Whitman said, “I am honored and excited to lead HP. I believe HP matters – it matters to Silicon Valley, California, the country and the world.”

Speaking on behalf of the board, Lane said, “We very much appreciate Leo’s efforts and his service to HP since his appointment last year. The board believes that the job of the HP CEO now requires additional attributes to successfully execute on the company’s strategy. Meg Whitman has the right operational and communication skills and leadership abilities to deliver improved execution and financial performance.”

The statement basically means Leo did all he can and failed and HP’s board now believes he has no gas left in his tank. HP now needs someone who is better at the job of CEO and they think Meg Whitman is the one.