PALO ALTO, Calif. (AP) — Hewlett-Packard Co. says chairman Ray Lane is stepping down, two weeks after a near ousting by shareholders at the company's annual meeting.
Shareholders are upset by a series of mistakes that have damaged the company's share price, including the $8.8 billion write-down on the $10 billion acquisition of business software maker Autonomy in 2011.
Lane's resignation was earlier reported by CNBC and The Wall Street Journal. The Journal quoted Ralph Whitworth, a veteran shareholder activist, who will run the board temporarily. Whitworth told the newspaper that Lane felt he no longer had a mandate from shareholders.
HP shares dipped 2 cents to $22.28 in after-hours trading after closing up 1.8 percent at $22.30. The company's stock is nearly two-thirds below its all-time peak of $69, reached in June 2000.