Sources Say 'Obstinate' Ray Lane Refused To Step Down From HP Chair
During Ray Lane's just-ended tenure as chairman of
…saw its stock price decline by 50%
…bought Autonomy for $11.1 billion and then wrote it off
…hired and fired CEO Leo Apothekar.
Lane's challenged run at the top seemed like it would finally come to an end in March, when less than 60% of shareholders voted to keep him in the job.
But Lane did not stop down.
According to the New York Times's James Stewart, Lane refused to step down, and only finally relented after HP CEO Meg Whitman, other directors, and big shareholder Dodge & Cox pleaded with him to do so.
Stewart's story is headlined: "The Case of H.P.’s Obstinate Director."
Though the Times cites "people with knowledge of the board’s deliberations," Lane denies that he was "obstinate."
“I didn’t feel any pressure at all other than the pressure of the vote. If you get less than an 80 percent vote, it’s something you have to think about. I told the board I’d leave any time they wanted and they said, ‘No, please don’t leave.’ I stepped down as chairman because I thought it was the right thing to do.”
- RBI Governor Das discusses ways to scale up UPI ecosystem with stakeholders
- People find ChatGPT to have a better moral compass than real humans, study reveals
- TVS Motor Company net profit rises 15% to ₹387 crore in March quarter
- Canara Bank Q4 profit rises 18% to ₹3,757 crore
- Indegene IPO allotment – How to check allotment, GMP, listing date and more
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market