Meg Whitman just gained a bit more power within HP. The company’s Board of Directors has appointed her to the chairman’s spot following the departure of Ralph Whitworth earlier this week.
Whitman was already serving as president and CEO of HP. She came on board following a tumultuous period of always-shifting leadership within HP and immediately set out to stabilize the company.
“I’m extremely pleased that the board has elected Meg its chairman and Pat lead independent director,” said Ralph Whitworth, departing chairman of HP’s board said in a released statement. “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.”
Whitworth resigned earlier this week citing health concerns. He had been with HP since 2011 and served as interim chairman since April 2013.
HP also moved current director Pat Russo to lead independent director and appointed Klaus Kleinfeld, chief executive and chairman of Alcoa, to the company’s board, bringing the total number of board members to 12.
This is just Whitman’s latest move within HP’s political machine. The company’s stock is currently trading up in after-hours following the news of Whitman’s appointment. The street likes Meg Whitman.
Developing…