Hewlett-Packard Company (NYSE:HPQ)’s Andreessen to stay-put in seat

by Eric Jacobson | Wednesday, May 1, 2013 | 830 views

Northern, WI 05/01/2013 (usastockreport) – Hewlett-Packard Company (NYSE:HPQ) (Closed: $20.06, Up by 0.49%) director, Marc Andreessen who is the co-founder of the venture capital firm, Andreessen Horowitz said that he does nor plan to follow in the footsteps of other directors who are defecting from HP. He said that this was the company that literally built Silicon Valley and that it rightfully deserves to be a dazzling success story and that he will stick with it as long as he can prove to be if use to it. In the latest annual meeting, Glass Lewis & Co, the shareholder advisory firm had faulted Andreessen as well as a few other directors and recommended voting against them.

Shareholder support?

The $8.8 billion worth writedown of Autonomy Corp was the bone of contention. According to a regulatory filing, Andreessen had been re-elected via the shareholder meeting that had been held on March 20, with close to 70 percent of the vote.  Earlier this month, HP said that Ray Lane had stepped-down from chairman post while John Hammergren and Kennedy Thompson are leaving the company. The 41-year-old Andreessen had joined the Hewlett Packard board in 2009. This was two years after the Palo Alto, California-based company acquired Opsware Inc, his software-maker, for an amount of $1.6 billion.

In his statement, Andreessen said that he is stubbornly committed to Hewlett Packard. He had won a greater percentage of support from shareholders than Lane, Thompson or Hammergren had. According to the filing, it was less than what any of the other seven members of the board had received.

Like it? Share it!

Leave A Response