updated 09:36 pm EDT, Wed March 20, 2013
Execs targeted for roles in HP's autonomy purchase
Amidst a growing movement to force out up to five of Hewlett Packard's board due to mishandling of the company's Autonomy purchase, shareholders have narrowly re-elected the existing members. Targeted members included John Hammergren, G. Kennedy Thompson, Marc Adreessen, Rajiv Gupta, and executive chairman Raymond Lane.
Most of the votes were narrow for the reelections. Hammergren received 53.91 percent of shareholders' votes but captured 81 percent last year. Thompson garnered 55.15 percent, down from 81.2 percent last election. Andreessen gathered 69.77 percent, down from 82 percent last year.
Firms and groups seeking the ouster were the CtW Investment Group, the California Public Employees' Retirement System, the New York City public pension funds, the American Federation of State, County and Municipal Employees Pension Plan, stockholder advisory firm Glass Lewis, and financial analyst company Institutional Shareholder Services, all significant shareholders in HP.
Glass Lewis noted prior to the vote that "HP's poor stock performance and the Autonomy fiasco call into question the oversight of the company's longer-serving directors, all of whom maintain leadership positions on the company's key committees."
"Today's vote was a challenge to business as usual for the HP Board following a decade of failures at HP and the board's insistence on blaming recent missteps on the previous CEO," said the executive director of the CtW Investment Group, Dieter Waizenegger. "These votes are too high to ignore."
CEO Meg Whitman responded to the vote, saying "despite what you have read in the headlines, we are on a solid financial foundation. There is still room for improvement," Whitman won re-election to the board with more than 98 percent of the vote.