Following criticism about the way its board handled former CEO Mark Hurd’s departure, Hewlett-Packard on Thursday announced a major board shake-up. HP has appointed five new directors.
The new directors are Shumeet Banerji, CEO of Booz & Company; Gary Reiner, former CIO of General Electric and currently a special adviser to private equity firm General Atlantic; Patricia Russo, former CEO of Alcatel-Lucent; Dominique Senequier, CEO of AXA Private Equity; and Meg Whitman, former president and CEO of eBay.
All five will stand for re-election at HP’s annual stockholders meeting in March. HP also announced that incumbent directors Joel Hyatt, John Joyce, Robert Ryan, and Lucille Salhany will not stand for re-election.
The Director Rationale
“The addition of these new directors will further diversify the outstanding talents and wide-ranging experience that our directors already bring to HP,” said Raymond J. Lane, non-executive chairman of the board. “Each is a widely respected and deeply experienced business leader, and together they will provide our board and management team with new insight and perspectives relating to HP’s business and the rapidly changing technology industry.”
Lane said Banerji is a respected strategic adviser and will bring international, financial, operational and management experience along with an understanding of the issues facing companies and governments in markets around the world. He added that Reiner will be an important voice for the customer.
Russo is an experienced executive with extensive global business experience, a broad understanding of the tech industry, and strong management, operations and governance skills, Lane said. Senequier is a highly regarded and influential financier who brings broad international perspective, strong financial acumen, and a keen focus on long-term performance, he said.
And Lane called Whitman a true visionary and thought leader who brings unique experience in developing transformative business models, building global brands, and driving sustained growth and expansion.
“I am confident…