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Andreessen to Stay on Hewlett-Packard’s Board as Long as Useful

April 30 (Bloomberg) -- 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.

Bloomberg LP, the parent of Bloomberg News, is an investor in Andreessen Horowitz.

To contact the reporter on this story: Ari Levy in San Francisco at alevy5@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

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