HP Faces Mounting Pressure to Remove Chairman Ray Lane
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Hewlett-Packard Co. faces mounting pressure to remove Chairman Ray Lane and several other board members after proxy advisers Institutional Shareholder Services Inc. and Glass Lewis & Co. urged investors to block their re-election over failures to properly vet acquisitions.
Shareholders should vote against Lane, John Hammergren, and G. Kennedy Thompson, ISS said in a report released in advance of the company’s annual meeting, set for March 20. Glass Lewis urged the removal of Hammergren, Thompson, Marc Andreessen and Rajiv Gupta, the lead independent director.