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Hewlett-Packard Company : Another H-P Director Calls It Quits

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01/30/2012 | 06:19pm EDT
  By Ian Sherr 
  Of  
 

Another long-standing Hewlett-Packard Co. (HPQ) director is planning to step down.

Lawrence Babbio, who previously served as vice chairman and president of Verizon Communications Inc. (VZ) and joined H-P's board in 2002, has decided not to stand for reelection at the company's next shareholder meeting in March, H-P said.

He is the second director to announce plans to step down since Meg Whitman became H-P's chief executive late last year, and the third departure expected to take effect in March. Babbio is the last of the directors who joined H-P from its 2002 purchase of Compaq Computer Corp.

The changes will leave the tech behemoth with 11 directors, down from 14 currently. H-P said its board does not plan to fill the vacancies.

On Sept. 9, H-P said Dominique Senequier, who joined the board in January 2011, had decided not to run for reelection. Earlier this month, the company said Sari Baldauf, too, decided not stand for reelection. She was nominated to the board in 2006.

H-P's board has been a frequent target of criticism over the years, from a spying scandal in 2006 to a controversy surrounding former chief executive Mark Hurd's resignation. Following the exits, a majority of H-P's board will be new, having served for about a year.

-By Ian Sherr, Dow Jones Newswires; ian.sherr@dowjones.com

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Managers
NameTitle
Dion J. Weisler President, Chief Executive Officer & Director
Charles Victor Bergh Independent Director
Catherine A. Lesjak Chief Operating Officer
Steven Fieler Chief Financial Officer
Shane D. Wall Chief Technology Officer
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