Filed under: Company News, Hewlett-Packard
Reuters reports that the chairman of HP has resigned:
Hewlett-Packard Co (HPQ) Chairman Ray Lane, who has come under fire from shareholders for his role in the botched, costly acquisition of British software firm Autonomy Plc, has stepped down, the company said on Thursday.
Director Ralph Whitworth will become interim chairman, the company said on Thursday.
On March 20, HP “rebuffed a shareholder rebellion aimed at ousting the two longest-serving directors from personal computer maker’s board,” according to the Associated Press. Lane was not one of those two, but he was said to be “facing significant resistance.” Lane was backed by 59 percent of the vote in his bid for reelection; had he received less than 50 percent, he would have been required to resign under the company’s rules.
Some shareholders said the dissent was sufficient to cause a reshuffling. “I think you can expect to see some evolution of the board in the coming years, months maybe,” said Ralph Whitworth, who joined the board in 2011. CEO Meg Whitman, however, gave all board members a vote of confidence, saying, “I feel like the line-up we have right now is actually helping us turn around the company.”
This is a developing story. Check back for updates.
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Source: FULL ARTICLE at DailyFinance