It was reported this morning by various news outlets that Ray Lane, HP’s Chairman of the Board, has resigned his post, effective immediately. His replacement, for time being, is Ralph Whitworth, until a permanent Chairman can be found.
In addition, it was reported that two other HP directors resigned following the news of various acquisitions, which they did not agree with.
According to the Reuters article: "The appointment Ralph Whitworth to the chairman role, albeit temporarily, points a more fiscally conservative and shareholder friendly board as the debt burden ebbs," Credit Suisse analysts said in a research note today.
This is not the first resignation that has plagued HP in recent years. Our industry likely remembers the abrupt resignation of CEO Mark Hurd back in 2010; it was later reported he resigned his post due to “inappropriate relations with a woman who had been contracted by HP to assist with marketing initiatives.”
Following the Hurd scandal, former SAP executive Leo Apotheker was tapped to head the PC giant, and was later fired after only about one year on the job. Meg Whitman was hired as his replacement, and tasked with fixing the many “mistakes” that Apotheker reportedly made during his tenure at HP.
It will be interesting to see how the search goes for a new chairman, and who HP will extend the offer to in the coming months.
