NYC pension funds seeking ouster of 2 HP directors
A group of New York City pension funds is opposing the re-election of the two longest-serving members of Hewlett-Packard's board of directors for their involvement in a series of costly decisions.
The protest announced Friday is aimed against HP directors John Hammergren and G. Kennedy Thompson, two of the 11 directors seeking to be re-elected at the company's March 20 annual meeting.
New York City Comptroller John Liu says Hammergren and Thompson bear responsibility for approving several soured acquisitions that saddled HP with staggering losses during the past year.
Two influential firms that advise shareholders also recommended the ouster of Hammergren and Thompson in separate reports issued earlier this week.
Hammergren has been on Hewlett-Packard Co.'s board since 2005. Kennedy has been an HP director since 2006.