Hewlett-Packard Director Senequier Will Depart Amid Turmoil Over Strategy
Dominique Senequier plans to leave Hewlett-Packard’s board in March, the company said in a regulatory filing.
Hewlett-Packard disclosed her departure on page 93 of a Sept. 9 filing, without making a separate announcement. Senequier, who is chief executive officer of Axa Private Equity, the investment buyout arm of French insurer AXA SA (CS), notified the board on Sept. 8 that she planned to leave after the annual meeting set for March, according to the filing.
The board, which is meeting today, may decide to replace Chief Executive Officer Leo Apotheker following investor frustration over three sales-forecast cuts and jarring strategy shifts, according to two people familiar with the matter.
They may appoint Hewlett-Packard director and former EBay Inc. CEO Meg Whitman as Apotheker’s successor, said the people, who asked not to be named because the plans aren’t public.
The 13-member board is also reconsidering a proposal to spin off the company’s personal-computer unit, another person said.
“Dominique Senequier has decided not to stand for re- election to the HP board at HP’s next annual meeting of stockholders in order to devote more time to her other professional commitments,” Hewlett-Packard said in an e-mailed statement.
‘Fully Support HP’
Senequier said in the statement that she continued “to fully support HP and its board of directors.”
Hewlett-Packard announced Senequier would join the board on Jan. 20, along with four other new members. She has ties to Apotheker, who formerly sat on AXA’s supervisory board. Senequier and Apotheker also both sit on the supervisory board of Schneider Electric SA, the world’s largest maker of circuit breakers.
Pressure on Hewlett-Packard’s board and on Apotheker intensified on Aug. 18 when the company announced a sweeping overhaul that included a $10.3 billion acquisition of Autonomy Corp. and the possible PC spinoff. The company also said it would discontinue tablets and smartphones running WebOS software, just five months after Apotheker vowed to put the operating system on a full range products.
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