Who Should Really Be Fired at H-P (HPQ)?

Reports Wednesday suggest Hewlett-Packard (NYSE: HPQ) is mulling the potential dismissal of newly-hired CEO Leo Apotheker. On the news, shares ran 13 percent higher to an intraday high of $25.10.

But who should really be relieved of their standing within the company? Taking into consideration recent CEO firings, the most obvious answer would be the Board.

Hewlett-Packard stock is down about 50 percent since Apotheker took over in early November last year. By contrast, the S&P 500 is up about 1.1 percent and peer IBM (NYSE: IBM) is up about 25 percent over the same time period.

Before that, former Hewlett-Packard CEO Mark Hurd was in hot water, but Hewlett-Packard shares were stable, and PC shipments moved into the top spot globally. Though Hewlett-Packard still occupies the premier position, second-quarter shipments were stagnant according to some research firms.

Looking back at another marquee firing, Yahoo!'s (Nasdaq: YHOO) CEO Carol Bartz, why wouldn't shareholders go after the Board and Chairman next? Yahoo! is up nearly 11.5 percent since the firing on September 6th. Further, Third Point hedge fund manager Dan Loeb has vocally pushed for an ouster of Yahoo! Roy Bostock.

Will Leo's pending termination be vindicated, or should he just not look forward to any phone calls over the next several days?

Hewlett-Packard shares are up 10.6 percent Wednesday.

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