H-P Shareholders Re-elect Some Criticized Directors

Hewlett-Packard Co. shareholders have forgiven three company directors they heavily criticized for presiding during some of the firm's most troubled periods.

The computer hardware and software company's longest-serving directors-- Marc Andreessen, Raymond Lane and Rajiv Gupta--were re-elected by shareholders at H-P's annual meeting on Wednesday; the results weren't known until Thursday afternoon when the company released the tally.

Messrs. Andreessen, Lane and Gupta all received higher percentages of votes cast compared with last year's tally.

Shareholder advisory firm Glass Lewis had recommended H-P investors vote against Messrs. Andreessen, Gupta and Lane. But the firm gave H-P credit for a board shake-up last year in which the company appointed three new directors, while two long-standing members who had received "no" votes of 45% or more by shareholders stepped down from the board.

This year, Mr. Andreessen received positive votes of 76%, compared with 70% last year. Director Lane received for votes of 74%, compared with 59% last year. Director Gupta received for votes of 89%, compared with 80% last year. The other directors all received for votes for of 97% or higher.

Mr. Andreessen continues to serve as chair of the company's technology committee.

Under CEO Meg Whitman, H-P has stabilized after a tumultuous period under former CEO Leo Apotheker, who oversaw the company's ill-fated $11 billion acquisition of software maker Autonomy Corp. in late 2011 and confused the market by announcing a potential spin-off of H-P's PC business.

Last year, executive chairman Lane stepped down from that position due to his role in overseeing these moves, though he remained on the board.

H-P's stock was trading around $50 in early 2011. It tumbled to around $12 in late 2012 following a multibillion write-down for the Autonomy deal. Since then, it has recovered sharply and recently hit a 52-week high of more than $31.

Write to Spencer E. Ante at [e-mail]

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