You now a have a tough task ahead. No doubt you know that when you agreed to take the CEO job. But you also have a opportunity to set HP back on the path to greatness. Like many others I have some suggestions for you on where to go next.
First and foremost spend some time rereading histories, both internal and external, of HP to understand why HP became such an institution. Make it required reading for the board and every VP and up. I would absolutely read or reread Jim Collins’ “Built to Last” and “Good to Great” books to help you focus on the most important things to do. Then Read the HP Way again.
Second, decide very very quickly to either keep the PSG or spin it off as an independent company fast. End the uncertainly or it will kill the PC business. If you want make it a fully owned subsidiarity next week (but let it keep the HP name), you can always reintegrate it later or decide to sell it off via share sales on the open market later. Don’t kill the cash cow. (While you are at it make some one fix the online ordering interface. One word: Inscrutable!)
Third, Restart webOS hardware now and fast. The previous management threw in the towel way too early, but if you want to be in the space at all you must move very fast and be ready to commit 5 billion dollars (or more) over the next few years to get back into the game. I would start production of the TP 3g/4g and even sell them at a slight loss. Get the 7″ version on the streets quick at a great price. Other might disagree but your priority should be killer tablets first then killer phones.
Get ready for the hard work. Here it comes.