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HP names Ralph V Whitworth as interim chairman

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V&D Bureau
New Update

HP's chairman Raymond J Lane has decided to step down as chairman of the board and would be replaced on an interim basis by Ralph V Whitworth.

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The board is commencing a search for a permanent nonexecutive board chairman.

In addition, John H Hammergren and G Kennedy Thompson, after eight and seven years of service to HP respectively, have decided to leave the board. Both directors will continue to serve until the May board meeting. The board is commencing a search for two or more new independent directors.

"After reflecting on the stockholder vote last month, I've decided to step down as executive chairman to reduce any distraction from HP's ongoing turnaround," said Lane.

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Since I joined HP's board a little over two years ago, I've been committed to board evolution to ensure our turnaround and future success and I'm proud of the board we've built and the progress we've made to date in restoring the company. I will continue to serve HP as a director and help finish the job added Lane.

"Ray, John and Ken are terrific leaders, and they're passionate about doing the right thing for HP," said Whitworth.

From here we will continue to recruit outstanding directors, strengthen our governance and do the best we can-the best we know how-for stockholders. Meg is leading a Herculean turnaround, so most of all, we must build and maintain the best possible leadership structure for Meg and HP's entire team to succeed added Whitworth.

"Ray, John and Ken have invested a part of themselves in HP," said Meg Whitman, HP president and chief executive officer.

With Lane stepping down as executive chairman, the role of lead independent director, currently held by Rajiv L Gupta, is no longer necessary and will be eliminated. Gupta will remain on the board and will replace Thompson as chairman of the audit committee. Gary M. Reiner will replace Gupta as chairman of the nominating and governance committee. With Hammergren's departure, Whitworth will become chairman of the Finance and Investment Committee.

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