HP Gives Activist Shareholder Board Seat
Hewlett-Packard Co. will give activist shareholder Relational Investors LLC a seat on its board of directors, people familiar with the matter said.
Relational co-founder Ralph Whitworth, who will take the seat, wants to focus on improving H-P’s discipline on spending, particularly in the area of acquisitions, the people said.
San Diego-based Relational, which had not previously disclosed a position in HP, has approximately a 1 percent stake in the firm that it built after the company announced an acquisition and potential spinoff in August that drew criticisms from analysts and investors, the people said.
