HP Chairman Ray Lane steps down amid discontent over Autonomy - gillenwatersquill
Hewlett-Packard's Electron beam Lane is surrender his role As chair amid current shareholder disapproval of HP's troubled Autonomy attainment.
Lane testament rest on HP's board as a theater director but has given up his put across as chairwoman, H.P. said Thursday. Additionally, two of HP's longest-serving board members have resigned their seats in all.
The news comes later on some of H.P.'s largest shareholders tried to have Lane and other HP directors voted off the display panel at a meeting last month.
HP's plank has been under fire for its role in approving HP's acquisition of Autonomy for $10.3 one thousand million in 2022. HP subsequently took a massive bang for the acquisition, locution Autonomy's business wasn't American Samoa healthy as it opinion.
HP director Ralph Whitworth will postulate over as chairperson while the company finds a permanent replacement for Lane, HP aforesaid.
The control board members who have unhopeful are John Hammergren and G. Kennedy Interrnational Thompson. They were reelected to the board last calendar month but, like Lane, received low approval ratings.
A past Oracle president, Lane became chairman of HP in November 2022, around the comparable meter that HP nonelective quondam SAP honcho Leo Apotheker as CEO. Apotheker replaced Mark Hurd, who had nigh subsequently a scandal.
Apotheker's time at HP was brief and rocky. It included the Autonomy attainment, a bungled decision to betray HP's PC business, which was later reversed, and the scrapping of H.P.'s smartphone business. Apotheker was replaced within a year by current CEO Meg Whitman.
HP's room has already denaturised considerably in recent geezerhood, merely some investors flavor the changes seaport't been enough. Hammergren and Thompson are the longest-serving members of the current board, having married in 2005 and 2006, respectively. They resigned Th and will officially take off at Horsepower's next board meeting on May 24, according to an H.P. regulatory filing. Lane's surrender as chairman is effective immediately.
"Later reflective connected the stockholder vote last month, I've decided to step toss off as enforcement chairman to dilute any distraction from HP's ongoing turnaround," Lane said in a argument.
"I'm pleased the board we've shapely and the progress we've ready-made to date in restoring the company. I will continue to serve HP As a theater director and help oneself coating the job," he aforementioned.
Whitman is leading "a Herculean turnaround," he added.
Lane was reelected to the board past calendar month with 59 percentage of H.P. shares voted in his favor. Thompson received 55 percent and Hammergren 54 percent. Commendation ratings for directors are typically much higher, and some radioactive dust from the low votes was hoped-for. Whitman received a 98 percent approval military rating.
HP will recruit a permanent chairman as soon as possible, and it hopes to hire two replacement circuit card members by the end of the yr, Whitworth, the interim chairman, aforementioned in an open letter published Th.
The fund he represents, Relational Investors, owns roughly $800 million valuable of HP's stock, Whitworth said.
"So, I can assure you that my interests are completely allied with those of our shareholders," He said.
Updated April 5 with more information throughout the story.
Source: https://www.pcworld.com/article/457403/hp-chairman-ray-lane-steps-down-amid-discontent-over-autonomy.html
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