HP Chairman Steps Down in the Wake of Autonomy Acquisition Fiasco
April 5, 2013 8:50 AM
comment(s) - last by
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.
This article is over a month old, voting and posting comments is disabled
RE: How is HP so stupid these days?
4/5/2013 12:49:33 PM
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".
"This is from the DailyTech.com. It's a science website." -- Rush Limbaugh
Ex-Autonomy Owner Blast HP's Accusations
November 26, 2012, 12:43 PM
HP Posts Horrific Guidance, Will Take $8.8B USD Hit on "Improprieties"
November 20, 2012, 9:27 AM
Report: AT&T Eyeing $40B DirecTV Purchase
May 1, 2014, 8:00 AM
WebOS Class Action Settlement Costs HP $57 Million
April 1, 2014, 10:22 AM
IBM Workers Strike Over Terms of Deal That Will Have Them Working for Lenovo
March 6, 2014, 9:29 AM
Google Picking Up Artificial Intelligence Company "DeepMind" for $400 Million
January 27, 2014, 9:25 AM
Quick Note: Qualcomm Grabs up Palm, IPAQ, and Bitfone Patent Portfolio from HP
January 24, 2014, 9:18 AM
Verizon Buys Intel Media OnCue Cloud TV assets
January 21, 2014, 10:26 AM
Most Popular Articles
1 Million Credit Card Activated on Apple Pay Within 72 Hours, Walmart CEO Hopes Visa "Suffers"
October 28, 2014, 8:17 AM
Amid Theater Boycott Netflix Defiantly Plans New Movies, Plus 3 TV Shows for 2015
October 24, 2014, 7:30 PM
CVS, Rite Aid Kill Unofficial Apple Pay Support, Burn Google Wallet Users in the Process
October 25, 2014, 5:26 PM
Microsoft's Figures Show Desktop Users Flocking to Windows 10 Preview
October 27, 2014, 11:04 AM
Fitbit's $249 Surge Fitness Watch Packs 7-Day Battery Life, Two Other Models Also Air
October 27, 2014, 4:20 PM
Latest Blog Posts
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information