Analysts are reacting cautiously to a that HP's board is reviewing CEO Leo Apotheker's future at the firm, and some see peril for the company if it decides to replace a CEO after such a short time at the helm.

HP isn't commenting on the report, or on another that cites , an HP director and former eBay CEO, as Apotheker's replacement.

HP is calling these reports speculation, though it's easy to see how it could get wings.

Former SAP CEO Apotheker has angered HP shareholders who have seen share values fall by about half, notably over a plan to either sell or spin off its personal systems group, which makes PCs, tablets and smartphones.

The , announced last month, of the company's tablet entry, the TouchPad, and the WebOS software that runs it.