HP Chairman Raymond Lane Resigns Amid Woes

The chairman of Hewlett-Packard is to resign amid a shakeup of the board of directors at the struggling US computer giant.

Non-executive chairman Raymond Lane was re-elected to the board last month with less than 60% of shareholder votes.

He will be replaced on an interim basis by Ralph Whitworth during the search for a permanent replacement. Mr Whitworth received 96% of the vote during the annual general meeting.

Mr Lane remains a director on the board.

HP, which is still the world's biggest PC maker, has seen its market value half in less than three years, wiping out $45bn (£29.5bn) in shareholder wealth.

The damage would be even worse, if HP's stock had not rebounded during the past two months on hopes that the company is now headed in the right direction.

Meg Whitman has attempted to turn the firm's performance around

In addition to Mr Lane's resignation as chairman two other top executives, John Hammergren and G. Kennedy Thompson, will be stepping down.

The resignations are said to be linked to the £7.2bn purchase of UK software company Autonomy, which was allegedly sold at an over-inflated price.

The news comes with HP in the middle of a massive shift in strategy as consumers gravitate from traditional PCs to mobile devices, including tablets.

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

"Their leadership is reflected in the early success we've had turning the company around. I'm grateful that Ray will continue to serve, and I wish John and Ken the very best.

"I also appreciate Ralph's willingness to increase his responsibilities during this transition."

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