HP Announces Changes to Board of Directors

Five highly accomplished business leaders to be added to board

PALO ALTO, Calif. — (BUSINESS WIRE) — January 20, 2011 — Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:


Five highly accomplished business leaders to be added to board

HP (NYSE: HPQ) today announced that its board of directors has appointed five new members, effective Jan. 21. The appointments bring the total number of board members to 17 until HP’s next Annual Meeting of Stockholders in March, at which time the size of the board is expected to be reduced to 13 members.

The new directors are Shumeet Banerji, chief executive officer of Booz & Company; Gary Reiner, former chief information officer of General Electric Company and a current special advisor to private equity firm General Atlantic; Patricia Russo, former chief executive officer of Alcatel-Lucent; Dominique Senequier, chief executive officer of AXA Private Equity; and Meg Whitman, former president and chief executive officer of eBay Inc. The five new directors also will stand for re-election at HP’s next Annual Meeting of Stockholders in March.

In addition, HP announced that incumbent directors Joel Hyatt, John Joyce, Robert Ryan and Lucille Salhany are not standing for re-election at the company’s Annual Meeting of Stockholders.

“The addition of these new directors will further diversify the outstanding talents and wide-ranging experience that our directors already bring to HP,” said Raymond J. Lane, non-executive chairman of the board of directors, HP. “Each is a widely respected and deeply experienced business leader, and together they will provide our board and management team with new insight and perspectives relating to HP’s business and the rapidly changing technology industry.”

Lane discussed the new directors’ backgrounds: “Shumeet Banerji is a respected strategic adviser and will bring to the HP board international, financial, operational and management experience and a true understanding of the issues facing companies and governments in both mature and emerging markets around the world. Gary Reiner will be an important voice of the customer on our board, thanks to his deep insight into how IT can help global companies succeed and his decades of experience driving corporate strategy, information technology and best practices across complex organizations.

“Pat Russo is an experienced executive with extensive global business experience, a broad understanding of the tech industry, and strong management, operations and governance skills. Dominique Senequier is a highly regarded and influential financier who brings broad international perspective, strong financial acumen and a keen focus on long-term performance. Meg Whitman is a true visionary and thought leader who brings to the HP board unique experience in developing transformative business models, building global brands and driving sustained growth and expansion.”

“I am confident that HP’s stockholders, customers and employees will benefit from all of their talents and ideas, and I look forward to working closely with the entire board and management team as we pursue the exciting opportunities in front of us,” Lane concluded.

About Shumeet Banerji

Shumeet Banerji, 51, is chief executive officer of Booz & Company, a global management consulting firm. Most recently, he has focused on counseling government ministries and financial services institutions on the impact of changing demographics around the globe. Banerji joined Booz Allen Hamilton in 1993 and has served clients in both the public and private sector. Earlier in his career, he was a member of the faculty at the University of Chicago Graduate School of Business.

Banerji, who is based in London, earned a Ph.D. from the Kellogg Graduate School of Management at Northwestern University and a B.A. and MBA from Delhi University.

About Gary Reiner

Gary Reiner, 56, serves as a special advisor to private equity firm General Atlantic, providing strategic counsel to the firm and the companies it partners with worldwide. During his career at GE, he served as senior vice president and chief information officer, head of GE Information Services, and as vice president, Corporate Business Development. Reiner’s responsibilities included overseeing IT, operations, sourcing, mergers and acquisitions and quality for the company’s global operations, including GE’s renowned Six Sigma quality initiative. Earlier in his career, Reiner was a partner at Boston Consulting Group, where he focused on strategic and process issues for high-technology businesses.

Reiner earned a B.A. in economics from Harvard and an MBA from Harvard Business School.

About Patricia Russo

Patricia Russo, 58, is the former chief executive officer of Alcatel-Lucent, a global communication solutions provider. She also previously served as chairman and CEO of Lucent Technologies, president of Eastman Kodak and chairman of Avaya, which was spun off from Lucent. Earlier in her career, she held management positions at AT&T and IBM. Currently, Russo serves on the board of directors of General Motors, Merck & Co. and ALCOA, Inc.

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