HP Co-Chairman Ray Lane Stepped down Thursday just a couple weeks after he was nearly voted off the board of the storied PC-maker. The shuffle is due to last year’s disastrous Autonomy acquisition. In his place, Ralph Whitworth, another board member, will temporarily fill the role until a suitable replacement is named.
At HP’s annual meeting in March, Lane received just 59 percent of votes in favor of his reelection. Most analysts expect Whitworth to be a more fiscally responsible and shareholder friendly than Lane.
Under CEO Meg Whitman’s lead, HP has been under a 5-year plan to alter its current business strategy. While still remaining first in PC sales, the company’s focus has been to shift to software and service-oriented operation as demand for PCs and printers continue to decline.