HP’s Chairman Ray Lane Resigns

By Friday, April 5, 2013 0 Permalink 0

HP said that two other directors – John Hammergren and G. Kennedy Thompson – have also left the company as a result of investor backlash over Autonomy’s acquisition and few other missteps. Ralph Whitworth who is present director and activist will be serving as the interim chairman until the company founds a good replacement for Lane.

Weeks after the managing partner of Kleiner Perkins won at the company’s annual shareholders board re-election, Lane took his decision. The company, on Thursday, announced that it is searching for two or three new board members.

The investors have blamed and criticized Lane for failing to pay proper attention to the company’s interest in the costly $11 billion acquisition deal of Autonomy which also led to multi-billion dollar mark down on the total assets value of the company.

Lane stated that after witnessing the last month’s shareholder voting, he decided to resign from his executive chairman post so that current turnaround of the company does not get any more distracted.