HP chairman steps down

Hewlett-Packard has announced that chairman Raymond Lane has stepped down from the post following a boardroom shake-up.

The move follows Lane’s relocation to the position just last month at the firm’s annual shareholder meeting.

However, his reappointment was widely viewed as an unpopular one, as Lane’s re-election was supported by just 58.8 per cent of shareholder votes.

A HP statement issued after the news details Lane made the decision to step down as chairman "after reflecting on the stockholder vote last month".

Lane’s removal as chairman is part of a greater boardroom shake-up as HP continues to deal with the fallout of its acquisition of British software firm Autonomy.

HP board members have been heavily criticised by the company’s shareholders over the sum of £7.2 billion, which was paid for Autonomy. Additionally, HP claims that the British firm moved to inflate its own value, a claim that is fiercely denied by the firm’s former management.

Whilst Lane will remain on the HP board, other directors including John Hammergren and G Kennedy Thompson are set to depart. Investors had long called for the removal of the pair over claims of “poor judgement, lack of accountability and weak oversight of critical functions”.

Meanwhile, shareholder activist Ralph Whitworth will step in as interim chairman.

Following the appointment, Whitworth issued a warning to shareholders that they should prepare for an "evolution" of the board.