News

HP CEO Meg Whitman named board chair

Alcoa CEO Klaus Kleinfeld joins board of directors, HP says

Hewlett-Packard President and CEO Meg Whitman will add "chairman of the board of directors" to her title, the Palo Alto-based company announced Thursday.

Whitman, who has been president and CEO since September 2011 and a board member since January 2011, replaces Ralph Whitworth, who resigned as interim board chair earlier this week, citing health concerns.

The company also announced that Klaus Kleinfeld, chief executive and chairman of aluminum manufacturer Alcoa, has been appointed to the board, bringing the total number of HP board members to 12. Current director Pat Russo, former CEO of Alcatel-Lucent, will become lead independent director.

"I'm extremely pleased that the board has elected Meg its chairman and Pat lead independent director," Whitworth said in a statement.

"Meg and Pat are unwavering in their commitment to the corporate governance, capital allocation and management incentive principles that drove our decisions these past three years. They will stick to and strengthen the critical practices and disciplines we've put in place. HP is in great hands."

Gary Reiner, chair of the board's Nominating, Governance and Social Responsibility Committee, said: "Meg has been an outstanding leader since coming to HP, and we believe that as chairman she can most effectively drive the turnaround and continue to build value for our shareholders."

Kleinfeld, former CEO of Siemens, will take over chairmanship of the HP board's Nominating, Governance and Social Responsibility Committee. Board member Robert Bennett will become chairman of the Finance and Investment Committee, the company said.

— Palo Alto Weekly Staff

Comments

 +   Like this comment
Posted by Gary Ruppel
a resident of Midtown
on Jul 18, 2014 at 6:18 pm

I believe that having an independent Chairperson is fundamentally better than having the CEO hold both positions. The watchdog group "Institutional Investors Service" would, I believe agree. It is very difficult to "fire oneself". Meg Whitman has done an admirable job of turning HP around to date. This does not mean that she needs to be rewarded with another title.

From a long-term HP/Agilent retiree.


 +   Like this comment
Posted by Neighbor
a resident of Atherton
on Jul 18, 2014 at 9:31 pm

[Post removed.]


 +   Like this comment
Posted by danielle
a resident of Old Palo Alto
on Jul 18, 2014 at 10:14 pm

another bad move by HP, always better to have Chairman & CEO separate

Alcoa board member is also irrelevant for this company


 +   Like this comment
Posted by The Shadow knows....
a resident of Crescent Park
on Jul 21, 2014 at 12:44 pm

Well, if this was supposed to be a good move, why is my HP stock down 29 cents a share today as I write this.............


 +   Like this comment
Posted by Crescent Park Dad
a resident of Crescent Park
on Jul 21, 2014 at 3:08 pm

...because the overall tech sector overall down today?


 +   Like this comment
Posted by Limburger
a resident of Crescent Park
on Jul 21, 2014 at 7:14 pm

Dumb, dumb, dumb


 +   Like this comment
Posted by Neighbor
a resident of Old Palo Alto
on Jul 22, 2014 at 10:40 pm

It is a shame that a person with this amount of wealth and power knowingly hired an undocumented worker. Maybe she can house some of these poor kids stuck at the border .


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