Given the task definition and input, reply with output. In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.

Subscriber Content Read Preview When Bond Funds Jump the Fence Unconstrained bond funds have a lot of freedom to try beating the bond market. But that freedom can backfire. 
  
 N.Y. Hotel Fetches Record Price China’s Sunshine Insurance Group has agreed to acquire the Baccarat Hotel in Manhattan for more than $2 million a room, a record valuation. ||||| SAN FRANCISCO (MarketWatch) — In a move aimed at restoring investor confidence following a year of upheaval, Hewlett-Packard Co. on Thursday named Meg Whitman as its new chief executive, picking the former eBay Inc. CEO to replace Leo Apotheker, who held the job for less than 11 months. 
  
  
  
 Reuters 
  
 H-P’s /quotes/zigman/229301/quotes/nls/hpq HPQ +0.55% made the announcement after the market closed, putting an end to two days of reports that the company’s directors were set to fire Apotheker and replace him with Whitman, who has been on H-P’s board since January. 
  
 �?The decision to change leadership was taken very, very seriously,�? said H-P executive chairman Ray Lane, on a conference call. “One that we believe was absolutely necessary.�? 
  
 Apotheker had been under fire seemingly since he was named to the top job on Sept. 30 of last year. Investors showed their displeasure with the former chief executive of SAP from the start, having cut down H-P’s shares by more than 45% since the announcement. 
  
 The stock also hit a six-year low of $22.13 last week, and closed Thursday down nearly 5% at $22.80. The shares turned down slightly in after-hours trading following the announcement. 
  
 Speaking on the same conference call, Whitman addressed H-P’s recent performance, saying, “I know we have disappointed investors. We will take the necessary actions to get H-P back on track.�? 
  
 Some of those steps may still included the possible spinning off or sale of the company’s personal computer business, which Apotheker announced on August 18. Whitman said she didn’t want to waste any time on the matter. 
  
 “We’re going to get to a decision as fast as possible,�? Whitman said. “A decision like this is not like fine wine, it doesn’t get better with age.�? 
  
 Whitman becomes the fourth person to hold the company’s CEO seat in the last 13 months, following Mark Hurd, interim CEO Cathie Lesjak and then, Apotheker. She is best-known for leading eBay /quotes/zigman/76117/quotes/nls/ebay EBAY -0.10% from 1998 until 2008 and steering the online auction and retail site from about $4 million in annual revenue to more than $8 billion in the year she left the company. 
  
 In 2010, Whitman ran as the Republican candidate for governor of California, spending a reported $144 million of her own money on the campaign. Whitman was defeated by Democrat Jerry Brown. 
  
 Lane defends board performance 
  
 On Thursday’s call, chairman Ray Lane defended the performance of the companys’ board, which has come under fire for supporting Apotheker’s more controversial moves. 
  
 Lane responded to analysts questions about the amount of time H-P put into picking a new CEO by saying, “We did everything we could to drive a process, but I knew the strongest candidate was Meg. While we went through a process, I knew where the process would come out. We became convinced this was our best choice.“ 
  
 Whitman’s predecessor, Apotheker, had also been CEO of German software giant SAP. He will walk away from his short-lived gig at H-P with a severance package worth an estimated $35 million in cash and stock, according to an estimate by the Wall Street Journal. ||||| Hewlett-Packard Co. (HPQ) named Meg Whitman as president and chief executive officer, replacing Leo Apotheker, who departs after taking the job in November. 
  
 Ray Lane is also becoming executive chairman from non- executive chairman. 
  
 To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net |||||

Score one for the rumor mill: Hewlett-Packard waited for the markets to close, then named Meg Whitman its new CEO, effective immediately, reports Bloomberg. The former eBay exec, recently off a failed bid to be California governor, will take over for Leo Apotheker, who resigned under pressure after 11 lackluster months. He had lowered the company's financial outlook after three successive quarters, notes the Wall Street Journal. "Meg is a technology visionary with a proven track record of execution," says the board's newly named executive chairman, Ray Lane. "As a member of HP's board of directors for the past eight months, Meg has a solid understanding of our products and markets." She is the fourth CEO in 13 months, adds MarketWatch. (Remember Mark Hurd?) It's still unclear whether H-P will move ahead with Apotheker's plan to spin off the PC business.