HP Chairman and Two Board Members Step Down Amidst Shake Up
Hewlett-Packard announced some changes to its Board of Directors, beginning with Raymond J. Lane relinquishing his role as Chairman. Ralph V. Whitworth will step into the role on an interim basis as the board searches for a permanent replacement. In addition, the two longest serving members of the board -- John H. Hammergren and G. Kennedy Thompson -- are stepping down as directors.
"After reflecting on the stockholder vote last month, I've decided to step down as executive chairman to reduce any distraction from HP's ongoing turnaround," said Lane. "Since I joined HP's board a little over two years ago, I've been committed to board evolution to ensure our turnaround and future success. I'm proud of the board we've built and the progress we've made to date in restoring the company. I will continue to serve HP as a director and help finish the job."
Image Source: Flickr (wlodi)
Lane's resignation comes less than five months after HP announced an $8.8 billion write-off related to the controversial Autonomy acquisition. More than $5 billion of that write-off was "linked to serious accounting improprieties, misrepresentation, and disclosure failures discovered by an internal investigation," HP stated in November.
HP's board had already begun losing faith in Lane, who barely won reelection at the PC maker's annual shareholders' meeting last month with just 59 percent of the vote, compared to 96 percent a year ago.
"I'm grateful that Ray will continue to serve, and I wish John and Ken the very best," HP president and CEO, Meg Whitman, said in a statement.
"After reflecting on the stockholder vote last month, I've decided to step down as executive chairman to reduce any distraction from HP's ongoing turnaround," said Lane. "Since I joined HP's board a little over two years ago, I've been committed to board evolution to ensure our turnaround and future success. I'm proud of the board we've built and the progress we've made to date in restoring the company. I will continue to serve HP as a director and help finish the job."
Image Source: Flickr (wlodi)
Lane's resignation comes less than five months after HP announced an $8.8 billion write-off related to the controversial Autonomy acquisition. More than $5 billion of that write-off was "linked to serious accounting improprieties, misrepresentation, and disclosure failures discovered by an internal investigation," HP stated in November.
HP's board had already begun losing faith in Lane, who barely won reelection at the PC maker's annual shareholders' meeting last month with just 59 percent of the vote, compared to 96 percent a year ago.
"I'm grateful that Ray will continue to serve, and I wish John and Ken the very best," HP president and CEO, Meg Whitman, said in a statement.
