Indeed, following the resignation of Apotheker's predecessor CEO Mark Hurd, HP in what was then seen as an effort to move past the havoc caused by the ouster of Hurd.

Enderle said the company is also being hurt by leaks of private corporate matters, which could be an indication of internal dissent.

"Companies in HP's space are required to be extremely stable and reliable," said Enderle. "Changing the CEO spot destroys the image that you can trust the direction presented by the company or the promises of its executives."

HP may be better served by providing a better "backstop" to Apotheker and addressing the leak problem.

"Unfortunately the leaks are driving premature decisions and may be taking this choice away from HP's board," he said.