backtop


Print 9 comment(s) - last by Solandri.. on Apr 6 at 4:36 PM

Ex-chairman will remain a HP director

HP has announced that its chairman, Ray Lane, has stepped down from his post. Lane has been under fire from shareholders due to his role in the acquisition of software company Autonomy.
 
"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 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."

HP posted horrific financial results in November of 2012 to the tune of an $8.8 billion loss. HP blamed the massive loss on what it called improprieties discovered after its acquisition of the software company Autonomy. Not long after HP claimed accounting improprieties led it to overpay for Autonomy, an ex owner of the company stepped forward and blasted HP over its accusations.

HP maintained that Autonomy "invented" nearly $200 million in bogus revenue over two years. HP maintained that this increased “revenue” led it to overpay significantly in its purchase of the company.
 
Along with Lane resigning from the HP board, two other directors also left HP. Interim chairman will be HP director and investor Ralph Whitworth. Whitworth will continue acting as chairman of HP's board until a permanent replacement can be found.

Source: Reuters



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

How is HP so stupid these days?
By SAN-Man on 4/5/2013 9:27:52 AM , Rating: 5
HP - quit trying to be IBM, you're not.

HP needs to focus on their core business and quick monkeying around.

They have a decent presence in the server and enterprise storage space. Good. They have a very good presence in the desktop/laptop space. Good.

Despite what most of the tech world would have you believe, regular people aren't going to stop buying desktop/laptops any time soon.

Do what you know and do it WELL.




RE: How is HP so stupid these days?
By Flunk on 4/5/2013 10:01:29 AM , Rating: 2
I agree, they need to spend more time and money on developing lines of consumer products people actually want to buy instead of discontinuing their higher end consumer products and killing their phone lines entirely.

As it is, HP doesn't have anything a discerning consumer would like to buy. Now they only sell low end computers and that's not where the money is. Ask Apple.


By Solandri on 4/6/2013 4:36:15 PM , Rating: 2
You can thank Carly Fiorina for that. Shortly after becoming HP's CEO in 1999, she decided HP should challenge Dell for the title of biggest consumer computer vendor in the world. She set about doing it by gutting anything low volume (e.g. their high-end calculators and testing equipment) or high cost (e.g. their R&D department), and concentrating solely on high-volume computer sales.

Well, she got her wish. Unfortunately she never seemed to understand that the high-volume stuff also has the lowest margins. And by the time she left the damage was done. HP is now pretty much stuck in the role of low-end high-volume computer sales whether they want it or not. As the Russians were fond of saying soon after Communism fell, it's easy to turn an aquarium into a fish market, but it's hard to turn the fish market back into an aquarium.

The old HP had engineers and programmers who lived and breathed the tech coming up with new ways to improve it. The best ideas would percolate up through management and HP would market them as new or improved products. The HP we have now is pretty much a bunch of MBAs who don't really understand tech trying to think of what new tech ideas will sell. And throwing a tantrum when one of their ideas (e.g. WebOS or Autonomy) doesn't pan out.


RE: How is HP so stupid these days?
By Pneumothorax on 4/5/2013 10:03:21 AM , Rating: 2
Agreed, Hp has some of the most uninspiring laptops with the majority having <1080P screens when compared to Dell, Asus, and Acer.


By Solandri on 4/6/2013 4:17:16 PM , Rating: 2
The major laptop companies don't actually make nor design the laptops they sell.
http://en.wikipedia.org/wiki/List_of_laptop_brands...

Pretty much the only thing the name brand tells you is how good your warranty support is going to be.


By Ammohunt on 4/5/2013 11:39:50 AM , Rating: 2
HP has a horrible reputation as an employer! the first thing they need to do is start investing in their employees (wages offered by hp where i live are about 50% of what market pays..pathetic) like other major companies do. Then they need to revitalize their big iron enterprise platform itanium blew chunks so you just give up? Hire some people that know something about processors(not intel this time) and leverage the massive patent portfolio they posses to develop the next generation of cpu's to challenge IBM's aging Power line. Do some damn market research guys! HP before the bubble burst had the best customer service with reps at every major business addressing customer needs on the spot! HP is so far out of touch with the industry.


RE: How is HP so stupid these days?
By Dug on 4/5/2013 12:26:30 PM , Rating: 2
The problem always stems from the top. These people sit around talking about stuff they know nothing about. No common sense is used. They need to get some new young people in there that know what's going on. And listen to your own employees below you!! They are the ones that actually do the work and know what's going on.


By Chadder007 on 4/5/2013 12:49:33 PM , Rating: 4
One problem they have is leadership,like many big businesses at the moment, that instead of asking "How do we grow business", they are asking "Where do we cut".


"Google fired a shot heard 'round the world, and now a second American company has answered the call to defend the rights of the Chinese people." -- Rep. Christopher H. Smith (R-N.J.)

Related Articles













botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki