Shareholder revolt fails to displace HP board members
Shareholder revolt fails to displace HP board members
Article by http://www.Gooddenchi.Jp : Once the self-sufficiency acquisition was announced all the rage grand 2011, Leo Apotheker was still chief executive and Whitman was on the HP board. The controversy larger than with the intention of deal and its beefy cost tag, coupled with an statement with the intention of HP was thinking with reference to promotion its PC dealings (known for instance the private Systems cluster, otherwise PSG) led to Apotheker’s ouster and Whitman’s hiring all the rage September 2011.
Through the 30-minute interview, Whitman discussed her reasons in lieu of taking the work by HP, several of her key decisions for instance chief executive, and the challenges, both probable and unexpected, with the intention of she has faced.
This transcript has been edited in lieu of clarity and duration.
Hewlett-Packard Co. Shareholders voted all the rage good turn of the current board by an once a year summit Wednesday, shrugging rancid a campaign by various investors to incite a assert larger than a sequence of troubled acquisitions.
HP announced with the intention of all 11 directors standard by smallest amount 50% of the show of hands all the rage their good turn, though the company did not discharge a detailed breakdown of the voting totals in lieu of both personal affiliate. The results of the show of hands were announced by the edge of HP's once a year shareholder summit, held by the mainframe History Museum all the rage Mountain notion, Calif. The 90-minute summit built-in an extensive presentation by Chief Executive Meg Whitman, who outlined the strides she believes enjoy been made all the rage rotary around the Silicon Valley icon.
"I'm satisfied with the progress we've made, although much machinery remains," Whitman whispered. "I dream you're optimistic with the intention of we're up for grabs to bring this company back."
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Leading up to the shareholders summit, HP's sell has been enjoying a tad of a revival, indicating growing shareholder optimism. The sell has risen from $16.70 on Feb. 20 to a close of $22.92 on Wednesday. That's still well less the $53.90 point the company clash all the rage April 2010, a the minority months more willingly than at that moment chief executive point Hurd missing the company.
Even so, anger had been building larger than the endure team of years by a board with the intention of by era has struggled to breakout a reputation in lieu of being fewer than competent. Amid the perceived sins: The mishandling of the departure of Hurd amid allegations of sexual persecution; the hiring and abrupt firing of chief executive Leo Apotheker considering fewer than 11 months; failing to advocate a dazzling strategy; and signing rancid on significant acquisitions with the intention of resulted all the rage billions of dollars of write-downs.
The generally hot of these was self-sufficiency, the British software company HP bought in lieu of $11 billion all the rage 2011. Endure fall, HP announced it had uncovered common accounting fraud by self-sufficiency and was prose down an additional the minority billion dollars. With the intention of was the endure straw in lieu of various shareholders who enjoy twisted their anger in the direction of the board slightly than Whitman, though she was on the board through the self-sufficiency acquisition.
All the rage hot weeks, original York City Comptroller John Liu issued a news discharge proverb with the intention of his city’s pension funds wish show of hands in contradiction of reelecting HP directors John Hammergren and G. Kennedy Thompson "because of their failure to keep investors from costly, misguided acquisitions." all the rage addition, two firms with the intention of add up to recommendations on how shareholders must show of hands on proxies had recommended variously with the intention of investors show of hands in contradiction of the reelection of Rajiv Gupta, Marc Andreessen and Chairman Ray inside lane all the rage addition to Hammergren and Thompson.
More willingly than the results were announced, Whitman told shareholders she thought the board was making a crucial contribution to the company’s comeback.
"This has been a tough age in lieu of HP larger than the endure add up to of years," Whitman whispered. "That is thick-skinned on customers, partners and shareholders. My notion on the board of directors is with the intention of they are serving twist HP around."
Through a question-and-answer session, Whitman as well complete with the intention of the board had produced a special group of board members Thompson, Gary Reiner and Ralph Whitworth to investigate the treatment of the self-sufficiency acquisition for instance well for instance aspects of the foothold of EDS, which resulted all the rage an $8-billion write-down endure time.
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