Major indices finish lower amid GE earnings disappointment >>> READ MORE

HP Chairman Quits After Surviving Near-Ouster

He recently survived a shareholder move to unseat him


Hewlett-Packard corporate buildingOn Thursday, Hewlett-Packard (NYSE:HPQ) announced that Ray Lane is stepping aside as chairman of the company’s board of directors.

The move comes after a shareholder campaign to unseat him and two other board members failed narrowly last month. Lane, who has served as HP chairman since 2010, will remain on the board, the Associated Press noted.

Don’t Get Caught Up in HPQ’s Shinier Dividend
Don’t Get Caught Up in HPQ’s Shinier Dividend

HP has appointed activist shareholder Ralph Whitworth to serve as temporary chairman until a successor to Lane can be located. Whitworth owns 34.5 million shares of the troubled computer equipment maker.

Shareholders were riled by $17 billion in losses resulting from a series of disastrous acquisitions, including the 2011 purchase of British software maker Autonomy for $10 billion. HP has since revealed accounting irregularities in Autonomy’s books and written off $8 billion in Autonomy’s value.

Investors appeared uneasy at the board shake up. HP shares sank almost 2% in Friday midday trading.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC