Amwal Al Ghad English - 2014-01-11 08:29:44
Hewlett-Packard Co. (HPQ) plans to renominate its slate of directors -- including activist investor and interim chairman Ralph Whitworth -- according to people with knowledge of the matter, seeking stability after years of board turnover.
A renomination for Whitworth, 58, will make Hewlett-Packard one of the few companies with an activist investor as chairman. Other members of the 12-person board include Ray Lane, 67, who resigned as chairman last April amid shareholder displeasure at the company’s performance. All are set to be renominated ahead of the annual shareholder meeting on March 19, said two of the people, who asked not to be identified because the information isn’t yet public.
Chief Executive Officer Meg Whitman and the board are in the midst of a turnaround of the struggling computer maker, which is poised for a third straight year of sales declines. Hewlett-Packard, which makes personal computers, servers and printers, is trying to move past a period of upheaval including declining performance and the departure of Whitman’s predecessors, Leo Apotheker and Mark Hurd.
Shares of the Palo Alto, California-based company gained 96 percent last year, making it the 17th best performer in the Standard & Poor’s 500 Index (SPX), which rose 30 percent. The stock had declined 45 percent in 2012 and 39 percent in 2011. More»