HP rebuffs attempt to oust 2 directors from board

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Associated Press

Posted on March 20, 2013 at 3:00 PM

Updated Thursday, Mar 21 at 2:01 AM

MOUNTAIN VIEW, Calif. (AP) — Hewlett-Packard Co. has barely rebuffed a shareholder rebellion aimed at ousting the two longest-serving directors from its board.

John Hammergren and G. Kennedy Thompson both were re-elected by unusually narrow margins Wednesday during HP'S annual shareholder meeting.

Hammergren received support from nearly 54 percent of the ballots cast. Thompson was backed on 55 percent of the ballots.

The results are preliminary.

Nine other HP directors were also re-elected. All but two of those other directors received at least 80 percent of the votes.

Shareholders exasperated with a series of botched HP acquisitions targeted Hammergren and Thompson because of their lengthy tenures and their involvement with committees that had oversight over the deals.

The soured acquisitions are a key reason why HP's stock is worth half what it was three years ago.

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