HP’s chairman Ray Lane has resigned after shareholders criticised him for his role in the acquisition of software company Autonomy.
Lane’s two-and-a-half-year tenure at HP was marred by various scandals, a turbulent change in leadership and share slide.
Lane will be replaced by Ralph V. Whitworth as an interim chairman and HP board is in search for a permanent non-executive board chairman.
Lane said in a statement: "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."
"I’m proud of the board we’ve built and the progress we’ve made to date in restoring the company," Lane said.
Lane will continue to be a member of the company’s board, while its directors including John Hammergren and Kennedy Thompson will step down in May 2013 after majority of shareholders voted against their re-election.
"Ray, John and Ken have invested a part of themselves in HP," said Meg Whitman, HP president and chief executive officer. "Their leadership is reflected in the early success we’ve had turning the company around. I’m grateful that Ray will continue to serve, and I wish John and Ken the very best. I also appreciate Ralph’s willingness to increase his responsibilities during this transition."
In 2012, the company was sued by its shareholders over the controversial acquisition of Autonomy, while the acquisition is also being investigated by the UK Serious Fraud Office (SFO). In early 2011, HP’s four directors resigned after former CEO Mark Hurd was dismissed in 2010.
