Feeds

HP welcomes activist investor onto board

Better to have him inside the tent, pissing, um, everywhere

Internet Security Threat Report 2014

HP has found a seat on the board for activist stakeholder Ralph Whitworth, co-founder at Relational Investors which should buy his silence - in public at least - for a couple of years while CEO Meg Whitman steadies the ship.

Relational bought 17.3 million HP shares or 0.9 per cent of the total stock in August following Apotheker's PSG gaffe, the demise of WebOS-based hardware and the expensive buy of Autonomy.

The blundering CEO's antics led to a 20 per cent slump in HP's market cap and a subsequent lawsuit from a US investor. To fend off the unwanted advances of any potential activist investors, HP then hired investment bank Goldman Sachs.

According to a regulatory filing, Relational, which will sit be on HP's board for the next two years has agreed not to drum up support from other investors to push for a sale or merger and will not buy more than 9.9 per cent of stock.

“We believe that Ralph will bring a constructive voice and a track record of value creation into the boardroom,” said Ray Lane, HP’s executive chairman of the board. “We look forward to benefitting from his perspective and experience.”

Whitworth - who takes the newly created fourteenth seat on the board - said HP has "an extraordinarily valuable global franchise".

He must maintain at least a 0.5 per cent stake in HP or will be forced to resign from the board. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.