Posted March 9, 2013 by David H in Technology

No re-election for two HP directors


Northern, WI 03/09/2013 (avauncer) – The New York City Pension Funds said that Hewlett-Packard Company (NYSE:HPQ) has failed to protect its investors from misguided and expensive acquisitions. It has announced that it will not vote for reappointing directors, G. Kennedy Thompson and John Hammergren and has been pressuring the company to replace them. As part of their finance and investment committee member of board profiles in HP, they are responsible oversight failures that were, in part the reason for the $8.8 million writedown that took place in November. John Liu, the New Your City Comptroller said that these were primarily a result of accounting improprieties.

Company falters on too many fronts

The company has seen four CEO’s over three years and the current Chief Executive officer, Meg Whitman has been struggling to win back investor confidence by reviving company growth. Hewlett-Packard Company (NYSE:HPQ) has been reeling under six consecutive quarters of declining sales and has taken too many management and profit missteps. The $9.2 billion charge that was largely connected to HP’s buyout of Electronic Data Systems Corp was followed by the autonomy writedown. This week, Glass Lewis and Co. and Institutional Shareholder Services the proxy advisors urged Hewlett-Packard Company (NYSE:HPQ)’s investors to block the re-election of the two directors at the annual meeting. Hammergren has been on the Hewlett-Packard Company (NYSE:HPQ) since 2005 and is also the McKesson Corporation (NYSE:MCK) CEO. He heads the audit committee.

In a statement Liu said that though the company is taking steps to correct oversight, investor confidence can only be restored by replacing these two directors without any delay. Howard Clabo the California-based Hewlett-Packard Company (NYSE:HPQ)’s spokesperson said that the any directors who have been nominated in the proxy statement are fully supported by the board

Shares of Hewlett-Packard Company (NYSE:HPQ) went up by 0.72% to close at $21.00

Shares of McKesson Corporation (NYSE:MCK) went up by 1.18% to close at $109.32

David H

David H. Steinberg grew up in West Hartford, Connecticut, entered Yale at age 16, and earned his law degree from Duke University, where he served as editor-in-chief of the law review. After four years of entertainment law in Atlanta and New York, he abandoned his legal career to attend U.S.C.’s Peter Stark Producing Program. Steinberg broke out as a writer in 1999 with his teen comedy SLACKERS that ignited a bidding war for the script. The movie starred Devon Sawa, Jason Schwartzman, and model Jaime King and became an instant cult classic.