H-P Chairman Ray Lane to step down

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Associated Press

Posted on April 4, 2013 at 2:01 PM

Updated Thursday, Apr 4 at 2:02 PM

PALO ALTO, Calif. (AP) — Hewlett-Packard Co. says chairman Ray Lane is stepping down, two weeks after a near ousting by shareholders at the company's annual meeting.

Shareholders are upset by a series of mistakes that have damaged the company's share price, including the $8.8 billion write-down on the $10 billion acquisition of business software maker Autonomy in 2011.

Lane's resignation was earlier reported by CNBC and The Wall Street Journal. The Journal quoted Ralph Whitworth, a veteran shareholder activist, who will run the board temporarily. Whitworth told the newspaper that Lane felt he no longer had a mandate from shareholders.

HP shares dipped 2 cents to $22.28 in after-hours trading after closing up 1.8 percent at $22.30. The company's stock is nearly two-thirds below its all-time peak of $69, reached in June 2000.

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