Once briefly CEO at SAP before his ouster in February of this year, Apotheker told analysts and reporters that he's spent the last few weeks traveling—from Singapore to Massachusetts—and meeting with customers and employees. He said he has been listening, learning and immersing himself in HP's businesses. Like most new CEOs, Apotheker's listening tour will likely last a few more weeks, if not months. (He has also been doing a media and investor roadshow, recently meeting with both groups in New York.)

    Any changes in HP's software strategy will be a multi-year process, says Keith Bachman, an analyst at BMO Capital Markets.

    "One of the things we look to the new leadership to do is to reinvest in the brand, the products and R&D," says Bachman. "HP does have glaring holes in its enterprise capabilities."

    After 20 years at SAP, there's little doubt Apotheker knows software and services (though how successful he was at the German business software maker is up for debate). But he has yet to prove he can run a hardware business, or sell products consumers will want to buy. Or retain top talent. Or regain stability at a company that's been racked by boardroom dramas.

    Add those tasks to his to-do list, and Apotheker has a long—and hard—road ahead.