...the good news for HP is that there has been no bad news for the last six or seven months.
Palo Alto, California (PRWEB) January 06, 2012
Douglas Y. Park, principal of DYP Advisors and a Silicon Valley corporate governance attorney, was recently interviewed by Agenda, a Financial Times service for corporate directors, on the highs and lows of governance in 2011.
Mr. Park was interviewed on both the good and bad at numerous companies. On the bad side, the Hewlett-Packard board continued to experience turbulence in 2011. After terminating CEO Mark Hurd in 2010 over alleged sexual harassment, H-P let go of CEO Léo Apotheker in September 2011 after less than one year at the helm. After neglecting to meet with Mr. Apotheker before hiring him, the board ended the company’s relationship with Apotheker through a news release. The board pointed to Apotheker’s unclear messages to investors about strategy as the reason for firing him.
The board then tapped one of its own members, former eBay CEO Meg Whitman, to replace Apotheker. Whitman and executive chair Ray Lane contend that the company has moved on to a new chapter in its governance.
Mr. Park gave his view of the situation: “HP is just a mess that hopefully is going to get cleaned up now that Meg Whitman is at the helm. Some people questioned whether she was the right person to be the next CEO, but the good news for HP is that there has been no bad news for the last six or seven months.” Mr. Park added that H-P’s challenge, like many other companies, is to understand that public scrutiny of boards has increased and to act accordingly.
On the good side for corporate governance in 2011, Mr. Park pointed to Alcoa, GE, and Lockheed Martin amending equity grants previously made to executives to address concerns raised by ISS.
Mr. Park has been mentioned on corporate governance matters in leading publications, including TheWallStreetJournal.com, Time.com, Agenda, a Financial Times service for corporate directors, and Reuters.
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