PALO ALTO, CA--(Marketwire - Nov 17, 2011) - HP (NYSE: HPQ) today announced that Ralph V. Whitworth, co-founder of Relational Investors LLC, will join the HP board of directors, effective immediately.
The appointment expands the number of board members by one to 14. Whitworth will join two board committees, the Finance and Investment Committee and the HR and Compensation Committee.
"We believe that Ralph will bring a constructive voice and a track record of value creation into the boardroom," said Ray Lane, HP's executive chairman of the board. "We look forward to benefitting from his perspective and experience."
"I am pleased to join the HP board at this important time," said Whitworth. "HP has an extraordinarily valuable global franchise, and I look forward to working closely with my fellow directors and HP's management team to build shareholder value for the future."
HP and Relational have entered into a letter agreement under which Relational will support the HP board, and the board will nominate and support Whitworth, for the next two years, as long as Relational continues to be a significant stockholder of HP. A copy of the agreement is included as an exhibit to a Current Report on Form 8-K filed by HP today with the Securities and Exchange Commission.
HP also announced that Rajiv L. Gupta has been designated as lead independent director of the HP board, effective immediately. Gupta has served as a member of the board since January 2009 and has extensive leadership experience at large global companies.
Gupta currently serves as chairman of Avantor Performance Materials, a manufacturer of chemistries and materials. He also serves on the boards of directors of Tyco International Ltd. and The Vanguard Group, and as senior advisor to New Mountain Capital, LLC, a private equity firm. Previously, Gupta served as chairman and chief executive officer of Rohm and Haas Company, a worldwide producer of specialty materials.
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