HP rebuffs attempt to oust 2 directors from board
(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.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
