HP CEO Seeks Turnaround Unveiling ‘Moonshot’ Super-Server: Tech
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After a board shakeup that investors said was overdue, Hewlett-Packard Co.’s Chief Executive Officer Meg Whitman is seeking to use a new line of servers to jump-start a multiyear turnaround of a company that has become a symbol of corporate mismanagement.
Chairman Ray Lane is stepping down while two other directors are resigning, Hewlett-Packard said last week. That’s giving the 74-year-old computer maker a chance to rebound from a three-year stretch of falling sales, strategy shifts and management turmoil. Director Ralph Whitworth of Relational Investors LLC will be interim chairman while directors seek someone with the “time, energy and ability” to lead the board and keep revival efforts on track, the company said.