Summary: Four public pension funds have filed a proposal with Hewlett-Packard (HPQ) that would allow them (and any other shareholder group owning 3% of HP’s stock) to nominate candidates for the board of directors. This increases pressure on CEO & Chairman Mark Hurd, who earlier this month promised that he would focus on improving the board. According to Boardroom Insider publisher Ralph D. Ward, “You have a board here right now that is crippled in every way imaginable.” In another development, H-P Senior Counsel Kevin Hunsaker and H-P Global Security Manager Anthony Gentilucci were issued subpoenas by a House committee examining the HP leak-investigation scandal.
Related links: Full WSJ article > • Previous WSJ summaries on the scandal (dating back to September 6th.) • The Wall Street Journal: Tracking the H-P Controversy • Cramer's Take on HPQ • Analysts Rallying Around H-P, Hurd • Conference call transcripts: Hewlett-Packard Q3 2006
More commentary: HP competitors: Dell Inc. (DELL), International Business Machines Corp. (IBM), Gateway Inc. (GTW), Apple Computer Inc. (AAPL)
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