HP (Hewlett-Packard) says its executive chairman, Raymond Lane, has decided to step down. He’ll remain as a director but will be replaced on an interim basis by investor Ralph Whitworth.
Directors John Hammergren and Ken Thompson are also leaving after the May board meeting.
The board is now looking for a permanent non-executive board chairman and at least two independent directors.
Ray Lane said “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. 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. 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.”
HP’s board had been criticised for its deal to acquire software company Autonomy, with suggestions HP paid considerably more than the business was worth.