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HP Chairman, Two Directors Step Down; Board Reshuffled

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HP chairman Raymond J. Lane has decided to step down from his position as chairman. Two HP directors have also decided to quit the board.

Mr. Lane will continue to be a director, and will be replaced on an interim basis by Ralph V. Whitworth, says the company.

Raymond Lane: After reflecting on the stockholder vote last month, I’ve decided to step down as executive chairman to reduce any distraction from HP’s ongoing turnaround. Since I joined HP’s board a little over two years ago, I’ve been committed to board evolution to ensure our turnaround and future success. I’m proud of the board we’ve built and the progress we’ve made to date in restoring the company. I will continue to serve HP as a director and help finish the job.

Two other HP directors, John H. Hammergren and G. Kennedy Thompson, have also decided to leave. They were on the HP board for eight and seven years respectively. Both directors will continue to serve until a board meeting in May.

HP has started a search for a permanent nonexecutive board chairman, as well as two or more new independent directors.

With Mr. Lane stepping down as executive chairman, the role of lead independent director, currently held by Rajiv L. Gupta, is no longer necessary and will be eliminated. Mr. Gupta will remain on the board and will replace Mr. Thompson as chairman of the Audit Committee. Gary M. Reiner will replace Gupta as chairman of the Nominating and Governance Committee.

With Mr. Hammergren’s departure, Mr. Whitworth will become chairman of the Finance and Investment Committee.

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