HP chairman Raymond Lane steps down

HP chairman, Raymond Lane

Hewlett Packard’s Chairman, Raymond Lane, has decided to step down from his position in order to “reduce any distraction from HP’s ongoing turnaround”. However, Raymond Lane will still be working at the company as one of the directors. And this decision comes as a result of the voting held during the recent annual shareholders’ meeting held on the 20th of March. Raymond Lane was re-elected for his position, but he got only 59% of the votes.

Ralph Whitworth, Founder of Relational Investors LLC, holds over $800 million worth of HP’s stocks, and he will be the new Chairman of the company, but only temporarily, interim. And as the interim Chairman of the company, Ralph Whitworth says that his interests “are completely aligned with those of our shareholders”. And he will continue to be the interim Chairman of the company until the people over at HP can find a new permanent Chairman to replace him.

Slash Gear writes, “As part of his duties as interim Chairman, Whitworth will seek out a “world-class chairman to take my place as soon as possible.” He also states that he will recruit at least 2 “outstanding” directors before the year ends.” The directors of the company, G. Kennedy Thompson and John Hammergren, have both decided to step down from their positions again due to the vote held at the same event. And this is the reason why the interim Chairman needs to look out for two new directors.

Both John Hammergren and G. Kennedy Thompson were re-elected for their positions, but with narrow margins. They received 54% and 55% of the votes respectively. For now, they will continue to be the directors of the company until the next board meeting the company will hold in the month of May. Slash Gear writes:

Thompson and Whitworth received a lot of backlash from shareholders due to a series of “HP missteps” that many shareholders felt they were responsible for. The most recent “misstep” would be HP’s acquisition of Autonomy in 2011, which resulted in a write down of a few billion dollars after HP discovered that the company was involved in a series of accounting fraud.

Source: Slash Gear

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