To successfully execute its strategy, the company requires "additional attributes" in its CEO, traits that Whitman possesses, HP said.

In addition to naming Whitman president and CEO, HP said that Ray Lane has now changed positions, from non-executive chairman of HP's board to executive chairman. The board "intends to appoint a lead independent director promptly," it added.

“We are fortunate to have someone of Meg Whitman’s caliber and experience step up to lead HP,” Lane said in a statement.

Whitman is "a technology visionary with a proven track record of execution," and a "strong communicator," he added. "Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.”

"I am honored and excited to lead HP," Whitman said in a statement. "I believe HP matters – it matters to Silicon Valley, California, the country and the world.”