Hewlett-Packard Co. issued a forecast for fiscal fourth-quarter profit that missed some analysts’ estimates, and Chief Executive Officer Meg Whitman rescinded a projection for growth in fiscal 2014 as ebbing demand for personal computers and lower business spending hamper her turnaround efforts.
Ray Lane, former chairman of Hewlett- Packard Co. and partner emeritus at venture-capital firm Kleiner Perkins Caufield & Byers, is in a dispute with the U.S. Internal Revenue Service that has left him with a $100 million tax bill.
Hewlett-Packard Co. added three directors, including former Microsoft Corp. software head Ray Ozzie, as Chief Executive Officer Meg Whitman tries to bolster sales with new technology and services amid a global PC slump.
Hewlett-Packard Co.’s board shakeup, including Ray Lane’s exit as chairman, gives Chief Executive Officer Meg Whitman a clearer path to revive growth and shake off years of tumult at the world’s largest computer maker.
Hewlett-Packard Co. investors will get the chance to voice dismay over the $8.8 billion writedown of Autonomy Corp. when they’re asked to re-elect Chairman Ray Lane and other directors at an annual meeting today.
Hewlett-Packard Co. faces mounting pressure to remove Chairman Ray Lane and several other board members after proxy advisers Institutional Shareholder Services Inc. and Glass Lewis & Co. urged investors to block their re- election over failures to properly vet acquisitions.