Hewlett-Packard Company Names Meg Whitman as Chairman

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Hewlett-Packard Company (NYSE:HPQ) announced the changes to its board of directors today. According to the company, its president and CEO Meg Whitman has been appointed as chairman of the board.

The PC maker also appointed Pat Russo, its current director as independent lead director. She is the chairman of the HR and compensation committee and a member of the nominating, governance and social responsibility committee of the board of the company.

Klaus Kleinfeld, chairman and CEO of Alcoa Inc. (NYSE:AA) will also join the board of Hewlett-Packard Company (NYSE:HPQ). The board also appointed Robert Bennett as chairman of the finance and investment committee.

Whitman to replace departing Whitworth

Whitman will replace Ralph Whitworth, the interim chairman of the board of directors of Hewlett-Packard Company (NYSE:HPQ) who recently resigned from his position due to health concerns.

In a statement, Whitworth said he is “extremely pleased” that the board of directors of the PC maker decided to appoint Whitman as chairman and Russo as lead independent director.

‘HP is in great hands’

According to him, “Meg and Pat are unwavering in their commitment to the corporate governance, capital allocation and management incentive principles that drove our decisions these past three years. They will stick to and strengthen the critical practices and disciplines we’ve put in place. HP is in great hands.”

On the other hand, Gary Reiner, chairman of the nominating, governance and social responsibility committee of Hewlett-Packard Company (NYSE:HPQ) said Whitman has been an “outstanding leader” since joining the company. He emphasized that the board believes that she will be able to “effectively drive the turnaround and continue to build value for shareholders.”

With regard to the appointment of Russo, Reiner said, “Throughout Pat’s three years on the board, her deep operational and technology experience and her commitment to governance best practice have proved invaluable. She was the obvious choice to step in as lead independent director.”

Whitman’s comment of Kleinfeld’s appointment

According to Whitman, Kleinfeld has a deep understanding of the current opportunities and challenges confronting Hewlett-Packard Company (NYSE:HPQ).

She emphasized that Kleinfeld’s leadership, vision and expertise in successfully leading different companies such as Alcoa Inc (NYSE:AA) and Siemens AG (ADR) (PTCMKTS:SIEGY) through times of changes is a positive addition to the board of directors of Hewlett-Packard Company (NYSE:HPQ).

Kleinfeld will serve as a member of the PC maker’s nominating, governance and social responsibility committee.

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