HP's Autonomy allegations trigger another inquiry

 
No Author Published: March 11, 2013    Comment on this article Leave a comment


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The backlash also threatens to upend HP's board. Two shareholder advisory firms are recommending votes against the re-election of HP's two longest-serving directors, John Hammergren and G. Kennedy Thompson, at the company's March 20 annual meeting. Institutional Shareholder Services and Glass Lewis & Co. say the two directors should be ousted for shoddy oversight of the Autonomy deal and other recent HP acquisitions that have turned out badly.

ISS also is recommending HP shareholders oppose the re-election of company Chairman Ray Lane. Glass Lewis is pushing for the removal of two other HP directors, Marc Andreessen and Rajiv Gupta, whose tenures on the board are the next longest after Hammergren and Thompson.

In a separate regulatory filing Monday, HP urged shareholders to re-elect all 11 board members.

"Losing some of our directors in an abrupt and disorderly manner could undermine our efforts to stabilize the company," Gupta, the lead independent director on HP's board, warned in a letter to shareholders.

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