HP Chairman Steps Down in the Wake of Autonomy Acquisition Fiasco
April 5, 2013 8:50 AM
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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.
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RE: How is HP so stupid these days?
4/5/2013 11:39:50 AM
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.
"We are going to continue to work with them to make sure they understand the reality of the Internet. A lot of these people don't have Ph.Ds, and they don't have a degree in computer science." -- RIM co-CEO Michael Lazaridis
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