Hewlett-Packard Co said on Monday long-time director Larry Babbio Jr. will step down, as the technology giant continues to restructure its much-criticized board.<\/p>\n
Babbio, along with fellow directors Sari Baldauf and Dominique Senequier, will not stand for reelection at an upcoming shareholders’ meeting on March 21, the company said in regulatory filings.<\/p>\n
HP’s board has found itself time and again on the firing line since its infamous wire-tapping incident in 2005, when a scandal involving eavesdropping on directors and journalists forced then-Chairwoman Patricia Dunn to resign the following year.<\/p>\n
Babbio, a director since 2002, and Baldauf, a director since 2006, were part of a board that presided over the company during the so-called “pretexting” scandal.<\/p>\n
The board has seen a major turnover in the past year with the addition of six new directors, including Chief Executive Meg Whitman and investor Ralph Whitworth, principal of Relational Investors.<\/p>\n
Of the 13 directors re-elected to HP’s board last March, 10 joined the board in 2009 or later.<\/p>\n
Babbio, a former vice chairman and president of Verizon Communications, was previously a director of Compaq, which HP acquired in 2002. That decision, too, was mired in controversy as allegations of vote-buying surrounded Deutsche Bank’s decision to support HP’s acquisition.<\/p>\n
Dissident board member Walter Hewlett then accused the rest of the board of buying Deutsche’s support for the deal by tying it to future banking business.<\/p>\n","protected":false},"excerpt":{"rendered":"
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