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Brian White, an analyst with Ticonderoga Securities, floated the idea that HP may not have had Apotheker in mind for the long term anyway. In a research note Wednesday, White wrote that he wouldn’t be surprised if Apotheker all along was the “fall guy,” hired to take the hit for the ugly work of restructuring.

White said he wouldn’t be surprised if HP brings in a new CEO, “as we have always thought that Leo was placed in the role on a short-term basis to take the fall for the company’s under investment under the previous CEO,” White wrote. “At the same time, we believe a new CEO could begin to build credibility for HP and join the company after quite a bit of damage has already been done.”