HP: Interim to permanent CEO

Who says rock star CEOs are dead? The expected announcement that former EBay CEO and current H-P board member Meg Whitman will become CEO of Hewlett Packard (HP) underscores how much personal brand power matters in tumultuous crisis situations. Normally when there's turnover and the preceding position holder came from outside the company, Fortune 100 companies will turn to an internal executive candidate. HP, however, has quickly become a poster child of horrible governance, which means they probably felt like they had to go with a known brand name. Insert Whitman who joined the HP board earlier this year.

The real question now becomes whether or not the board considered internal candidates before offering the position to Whitman. It's often perceived as a conflict of interest for a director to join a company board without stating his or her intentions on becoming a company executive. In this case, it would help inform the story if the company were willing to say that they considered internal and external candidates before naming Whitman. Of course they can always say that publicly without really meaning it, which is why more reporting on the process will be necessary. Another easy out is the fact that Whitman is a brand name leader, which provides yet another buffer to a board that clearly has lost track of its own -- and the HP Way.

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HP: Turmoil = Interim CEO or acting director

As presciently forecasted last year -- http://povblogger.blogspot.com/2010/08/h-p-ceo-follies-let-games-begin_09.html, Hewlett Packard remains mired in turmoil. Latest case in point: News that the company's maligned board will replace their third CEO of the last six years. While no one knows publicly yet what the company and its board will do next, it's fairly certain that an interim CEO or board member acting in a similar role will fill the primary leadership position. What's not known, despite reports to the contrary, is who that will be. Here's a dirty little truth that few seem willing to accept: It now doesn't matter who the executive is. Until the board can correct itself (begs the question: Is this even possible?) and find a way forward, no one filling the CEO position can be successful. Classic chicken and egg scenario if there ever was one...Aside from the leadership question, it's always interesting to note that while Leo Apotheker has now failed publicly just as his predecessors did, it's hardly failure of the every day sort. He will walk away with $35 million in severance pay, a princely sum by any measure. Whoever said jobs weren't all about money and prestige never worked at the highest corporate levels.

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When Brian Met Sally; 10 steps to recovery

One of the most powerfully perceived women in business, Sallie Krawcheck, has essentially lost her job for the second time in three years. According to today's Wall Street Journal, Krawcheck has been forced out of her position at Bank of America Corp. (BofA) following a consolidation of power by CEO Brian Moynihan. This follows a similar post at Citigroup where she worked prior to joining BofA. Here's a list of transition recommendations for this high powered brand to consider:

1. Join Obama's Jobs and Competitiveness Council. Bring some diverse truth in love to GE Chairman and CEO Jeffrey Immelt. Commiserate with his private/public plight as the council struggles mightily with the issue of the decade. Avoid 10-year later "what are you doing now?" stories at all costs.

2. Go back to the recruiter who helped land the BofA job and beg for payback on other plum assignments. If that doesn't work, call Ken Lewis and ask for a payday loan.

3. Write a real book titled, "Failing UP." Become a guest host on CNBC's Squawk Box. Mend brokenness by confirming everything hosts Joe Kernen and Becky Quick have to say about banking.

4. Join more boards -- Preferably big international banks that have an eye on unseating BofA such as HSBC. Disregard non-compete agreement. Remember success is sweetest form of revenge.

5. Consult friends in private equity, the last bastion where Linked In connections and failing up meet square on to create new career opportunities.

6. Start a powerful yet virtual women's career transition and support group named: "Recovering Divas of Industry." Invite former co-worker Barbara DeSeor and fired Yahoo CEO Carol Bartz to become members. Track down Marcy Fuller, Carly Fiorina and Paula Rosput Reynolds to serve as special advisers.

7. Get out of town. Keeping with international/global re-positioning theme, travel and meet with as many bank CEOs and boards as possible. Leave no stone unturned. See if BofA will grant some severance fly time on one of their corporate jets.

8. Re-discover balance at home. Support husband's dreams following his service raising family and managing household. Attend any and all special functions, events and games at children's schools. (Re-read last year's WSJ special feature on Most Powerful Women, which referenced these points at length.)

9. Wait patiently by phone for recruiters to call with next opportunity. Set PDA on vibrate during day; silent at night. For those sleepless nights consult the book of Psalms.

10. After six months of dust settling, re-emerge as head of a regional bank in U.S. such as Regions or SunTrust. Move their headquarters to Wall Street, merge with Goldman Sachs and then jointly declare that the "era of big bank consolidation is over." Continue on chosen privileged path.

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