Facing a shareholder revolt, HP chairman Ray Lane has announced his intent to step down from his post.
The company on Thursday said that Lane would cede his top spot on the board but will remain a director. Ralph Whitworth will take over as chairman of HP's board of directors.
Lane, who has served on HP's board of directors for some two years, was one of three to resign from their posts. Board members John Hammergren and Kennedy Thompson also announced their decisions to resign. HP said that it will be seeking out new independent board members to replace both.
Lane, Hammergren and Thompson comprised a trio of board members who had fallen out of favour with investors. Last month at the company's board elections, the three were only narrowly re-elected with Hammergren and Thompson receiving 54 and 55 percent approval, and Lane receiving just 59 percent of votes for re-election.
No other board-members received fewer than 70 percent of votes in favour.
"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," Lane said in a statement.
"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."
HP remains in the midst of what has been a long and complicated turnaround effort.
After ignoble exits for Mark Hurd and Leo Apotheker, the company named Meg Whitman as chief executive. In addition to executive turnover, the company remains embroiled in a messy battle with Autonomy executives over allegations of book cooking in the lead-up to a $9bn write-down.
"While Ray's long term vision for HP made sense, there were too many miscues under his watch," IDC analyst Crawford Del Prete told V3.
"New board leadership will go a long way toward moving the company forward, allowing it to look beyond recent events."
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