Marc Andreessen, co-founder of venture-capital firm Andreessen Horowitz, said he has no plans to follow other directors who are leaving Hewlett-Packard Co.
“This is the company that built Silicon Valley and deserves to be a glorious success story,” Andreessen said in an interview on Bloomberg TV yesterday. “I’m going to stick with it for as long as I could possibly be useful.”
Shareholder-advisory firm Glass Lewis & Co. had recommended voting against Andreessen at the most recent annual meeting, faulting him and some other directors for the $8.8 billion writedown of Autonomy Corp. Andreessen was re-elected with about 70 percent of the vote in a shareholder meeting held on March 20, according a regulatory filing. Ray Lane stepped down as Hewlett-Packard’s chairman, while G. Kennedy Thompson and John Hammergren are departing, the company said earlier this month.
Andreessen, 41, joined the board of Palo Alto, California-based Hewlett-Packard in 2009, two years after the company bought his software maker, Opsware Inc., for $1.6 billion. Best known as the co-founder of Netscape Communications Corp., Andreessen said yesterday that his commitment to Hewlett-Packard “triggers my stubborn gene.”
While Andreessen won a higher percentage of shareholder support than Lane, Hammergren or Thompson, it was less than any of the other seven board members received, according to the filing.
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