The company also announced the appointment of Pat Russo as lead independent director and Robert Bennett as chairman of the finance and investment committee. Klaus Kleinfeld, CEO and chairman of Alcoa’s board, joined HP’s board of directors.
Since September 2011, Whitman has been president and CEO of HP, and a board member since January 2011. Since 2011, Russo has been a director and as a social responsibility committee member leads the HR and compensation committee.
“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, in a press release. “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.”
“Meg has been an outstanding leader since coming to HP, and we believe that as chairman she can most effectively drive the turnaround and continue to build value for our shareholders,” shared Gary Reiner, chairman of the Nominating, Governance and Social Responsibility Committee, in a press release.
Reiner added, “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.”
Under Kleinfeld, Alcoa has been a provider from a commodities company to a diversified metals enterprise for the aerospace, defense, commercial transportation and automotive industries. Prior to this, Kleinfeld served at Siemens for 20 years and has also served as a Nominating, Governance and Social Responsibility Committee member.
“As CEO of two global companies during major turnarounds, Klaus has a deep understanding of the challenges and opportunities facing HP today,” added Whitman, in a press release. “Klaus’s leadership, strategic vision and expertise in successfully leading these companies through times of change will be a positive addition to our already outstanding board. I look forward to working with him.”
Robert Bennett served as president and CEO of the Liberty Media Corporation from April 1997 until August 2005. He was also its principal financial officer from 1991 to 1997. Prior to this, Bennett worked with Tele-Communications, Inc. and The Bank of New York in various financial positions.
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