Hewlett-Packard chairman Raymond Lane steps down

Hewlett-Packard has announced a boardroom shake-up that includes its chairman Raymond Lane stepping down.

Mr Lane was re-elected by only 58.8% of shareholder votes at last month's annual meeting.

In an HP statement, Mr Lane said he had taken the decision "after reflecting on the stockholder vote last month".

He is the most prominent casualty of the acquisition of British software company Autonomy, much of the value of which has now been written off.

The computer giant's board has been criticised by shareholders for paying $11bn (£7.2bn) for Autonomy. Critics complain not enough due diligence was done before the company was bought.

But HP claims that Autonomy took steps to inflate its own value, which Autonomy's former management denies.

The allegations are currently being looked into by the US Department of Justice, the UK's Serious Fraud Office and the UK accounting regulator.

Mr Lane will remain on the board, but two other directors, John Hammergren and G Kennedy Thompson are to leave.

Ralph Whitworth, a veteran shareholder activist, has been appointed interim chairman.

He told shareholders at the annual meeting that they should prepare for an "evolution" of the board.

HP is in the process of cutting jobs and changing strategy as its PC and printer business declines.