Last year Hewlett-Packard took over Autonomy, which was the UK’s largest software company, for $10.3 billion.
HP just announced an $8.8 billion — or 85% — writedown due to ” serious accounting improprieties, disclosure failures and outright misrepresentations at Autonomy Corporation.” They are basically claiming fraud.
With the revelation, former CEO Leo Apotheker strengthens his case among the worst CEOs of all time. He led the company for just 11 months, during which the company lost $30 billion in market cap, plus today’s newly-discovered $8.8B loss. For his hard work and savvy, he earned more than $13 million $25 million.