HP Announces Changes to Board of Directors
Five highly accomplished business leaders
to be added to board
PALO ALTO, Calif., Jan. 20, 2011 - HP today announced that its board
of directors has appointed five new members, effective Jan. 21, bringing
the total number of board members to 13.
The new directors are Shumeet Banerji, chief executive officer of Booz &
Company; Gary Reiner, former chief information officer of General
Electric Company and a current special advisor to private equity firm
General Atlantic; Patricia Russo, former chief executive officer of Alcatel-
Lucent; Dominique Senequier, chief executive officer of AXA Private
Equity; and Meg Whitman, former president and chief executive officer
of eBay Inc. The five new directors also will stand for re-election at HP's
next Annual Meeting of Stockholders in March.
In addition, HP announced that incumbent directors Joel Hyatt, John
Joyce, Robert Ryan and Lucille Salhany are not standing for re-election at
the company's Annual Meeting of Stockholders.
"The addition of these new directors will further diversify the outstanding
talents and wide-ranging experience that our directors already bring to
HP," said Raymond J. Lane, non-executive chairman of the board of
directors, HP. "Each is a widely respected and deeply experienced
business leader, and together they will provide our board and
management team with new insight and perspectives relating to HP's
business and the rapidly changing technology industry."
Lane discussed the new directors' backgrounds: "Shumeet Banerji is a
respected strategic adviser and will bring to the HP board international,
financial, operational and management experience and a true
understanding of the issues facing companies and governments in both
mature and emerging markets around the world. Gary Reiner will be an
important voice of the customer on our board, thanks to his deep insight
into how IT can help global companies succeed and his decades of
experience driving corporate strategy, information technology and best
practices across complex organizations.
"Pat Russo is an experienced executive with extensive global business
experience, a broad understanding of the tech industry, and strong
management, operations and governance skills. Dominique Senequier is
a highly regarded and influential financier who brings broad
international perspective, strong financial acumen and a keen focus on
long-term performance. Meg Whitman is a true visionary and thought
leader who brings to the HP board unique experience in developing
transformative business models, building global brands and driving
sustained growth and expansion."
"I am confident that HP's stockholders, customers and employees will
benefit from all of their talents and ideas, and I look forward to working
closely with the entire board and management team as we pursue the
exciting opportunities in front of us," Lane concluded.
About Shumeet Banerji
Shumeet Banerji, 51, is chief executive officer of Booz & Company, a
global management consulting firm. Most recently, he has focused on
counseling government ministries and financial services institutions on the
impact of changing demographics around the globe. Banerji joined Booz
Allen Hamilton in 1993 and has served clients in both the public and
private sector. Earlier in his career, he was a member of the faculty at the
University of Chicago Graduate School of Business.
Banerji, who is based in London, earned a Ph.D. from the Kellogg
Graduate School of Management at Northwestern University and a B.A.
and MBA from Delhi University.
About Gary Reiner
Gary Reiner, 56, serves as a special advisor to private equity firm
General Atlantic, providing strategic counsel to the firm and the
companies it partners with worldwide. During his career at GE, he served
as senior vice president and chief information officer, head of GE
Information Services, and as vice president, Corporate Business
Development. Reiner's responsibilities included overseeing IT, operations,
sourcing, mergers and acquisitions and quality for the company's global
operations, including GE's renowned Six Sigma quality initiative. Earlier
in his career, Reiner was a partner at Boston Consulting Group, where he
focused on strategic and process issues for high-technology businesses.
Reiner earned a B.A. in economics from Harvard and an MBA from
Harvard Business School.
About Patricia Russo
Patricia Russo, 58, is the former chief executive officer of Alcatel-Lucent, a
global communication solutions provider. She also previously served as
chairman and CEO of Lucent Technologies, president of Eastman Kodak
and chairman of Avaya, which was spun off from Lucent. Earlier in her
career, she held management positions at AT&T and IBM. Currently,
Russo serves on the board of directors of General Motors, Merck & Co.
and ALCOA, Inc.
Russo earned a B.A. in history from Georgetown University and
completed Harvard Business School's Advanced Management Program.
About Dominique Senequier
Dominique Senequier, 57, is chief executive officer of AXA Private Equity.
She joined AXA Investment Managers in 1996 and founded the
subsidiary AXA Private Equity that same year. Senequier is a member of
the Institut des Actuaries Français (French Actuarial Institute) and a nonvoting
member of the supervisory board of Schneider Electric SA. Prior to
joining AXA Investment Managers, she created and developed the
subsidiary "GAN Participations" at GAN, an insurance firm.
Senequier is a graduate of École Polytechnique and holds a DEA (postgraduate
degree) in banking and monetary economics from the
University of Sorbonne, Paris.
About Meg Whitman
Meg Whitman, 54, is best known for her 10-year tenure as president and
CEO of eBay Inc., a global ecommerce and payments company. She ran
the company from 1998 to 2008. Prior to working for eBay, she held
management positions at Bain & Company, the Stride Rite Corporation,
the Walt Disney Company, Procter & Gamble Co., FTD and Hasbro. She
also is a former board member of the eBay Foundation, Procter &
Gamble and DreamWorks SKG, having resigned in 2009 in preparation
for her California gubernatorial bid. Whitman became the third woman
in a 20-year period to run for the office and won the Republican primary
in 2010.
Whitman was born on Long Island, N.Y. She earned her bachelor's
degree in economics from Princeton University in 1977. She received an
MBA from Harvard Business School in 1979.
Four directors are not standing for re-election
"Joel Hyatt, John Joyce, Bob Ryan and Lucille Salhany have offered
invaluable service to HP over many years, and we are deeply grateful for
their insights, counsel and commitment to HP's business," said Lane.
"These directors worked tirelessly and effectively to navigate HP through
a difficult leadership change in the last six months.
"As a recent addition to HP's board, I have been incredibly impressed by
Joel, John, Bob and Lucille's experience and talents. I know the entire
board of directors joins me in thanking each of these directors for their
many contributions towards the long-term success of HP."
Ryan, the former lead independent director of the board, said, "It has
been a great privilege to serve on the HP board and see this outstanding
company build on its legacy as a technology leader and innovator. HP is
well-positioned to drive - and profit from - the changes under way across
the technology industry, and I am confident that, with Léo as CEO and
Ray as chairman, HP has a strong leadership team in place to continue
moving the company forward."
The board plans to nominate the following current directors to stand for
re-election at the Annual Meeting of Stockholders:
Raymond J. Lane
Non-executive Chairman of the HP board and Managing Partner of
Kleiner Perkins Caufield & Byers
Marc L. Andreessen
Co-founder and a general partner of Andreessen Horowitz
Léo Apotheker
HP President and Chief Executive Officer
Lawrence T. Babbio, Jr.
Senior Advisor to Warburg Pincus and former Vice Chairman and
President of Verizon Communications
Sari M. Baldauf
Former Executive Vice President and General Manager of the Networks
business group of Nokia Corporation
Rajiv L. Gupta
Senior Advisor to New Mountain Capital, LLC, and former Chairman and
Chief Executive Officer of Rohm and Haas
John H. Hammergren
President, Chairman and CEO of McKesson Corporation
G. Kennedy Thompson
Executive Advisor to Aquiline Capital Partners LLC and former President
and Chief Executive Officer of Wachovia Corporation
About HP
HP creates new possibilities for technology to have a meaningful impact
on people, businesses, governments and society. The world's largest
technology company, HP brings together a portfolio that spans printing,
personal computing, software, services and IT infrastructure to solve
customer problems. More information about HP (NYSE: HPQ) is available
at www.hp.com.
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