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Three Down: Another HP Director To Leave Board

Lawrence Babbio won’t be standing for re-election at the stockholders meeting in Marc

HP told the SEC Monday that long-time board member Lawrence Babbio won’t be standing for re-election at the stockholders meeting in March.

Babbio’s been on the notoriously dysfunctional HP board since the divisive Compaq acquisition, made over accusations of vote-buying, there through the pretexting spying scandal, the fallout resignation of chairwoman Pat Dunn; the Mark Hurd ouster; the questionable Léo Apotheker hire, the Apotheker ouster 10 months later; the shopping of the HP PC unit; the repudiation of the $1.2 billion Palm acquisition; the unpopular ~$12 billion Autonomy acquisition and assorted other overpriced board-approved acquisitions.

Babbio was vice-chairman and president of Verizon and currently advises Warburg Pincus.

Sari Baldauf, an ex-Nokia exec, and Dominique Senequier, CEO of AXA Private Equity, have already said they’re had enough.

Shareholders were previously advised by governance watchdogs Institutional Shareholders Services and Glass Lewis not to re-elect Babbio and Baldauf.

Since he was on the responsible board committees, Babbio was criticized for letting Apotheker put his friends on the board last yesr, for HP’s lack of a succession plan at Hurd’s ouster, Hurd’s handsome severance package and HP’s generally overly generous executive compensation policies.

HP has yet to indicate who it might nominate to replace those not standing. Activist shareholder Ralph Whitworth joined the board in November after his company Relational Investors LLC acquired ~1% of HP.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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