It’s been one year since the wheels appeared to be coming off one of the great American technology companies. Hewlett-Packard Co., wrestling to redefine itself in the age of cloud, services and commoditized hardware ended the summer of 2011 in the throes of a meltdown.

Much-hyped products were being spiked, top executives were wearing out their welcome with directors, investors and partners, and many in the industry seemed to be of the opinion that the Palo Alto, Calif., company, once the pinnacle of technology innovation, needed to break up in order to survive.