HP's (NYSE: HPQ) board was planning to meet Wednesday to consider replacing Leo Apotheker as CEO after fewer than 11 months on the job, according to press reports.
The company's directors are reportedly considering appointing former eBay CEO Meg Whitman as his successor.
Whitman joined HP's board in January after a failed bid to become California's governor last year.
Since Apotheker took office at HP, the value of the company's shares has plummeted from US$42 to US$22. But HP stock was up 7% in midday trading in New York after the reports of the possible management change.