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HP CEO Meg Whitman named board chair

Alcoa CEO Klaus Kleinfeld joins board of directors, HP says

Hewlett-Packard President and CEO Meg Whitman will add "chairman of the board of directors" to her title, the Palo Alto-based company announced Thursday.

Whitman, an Atherton resident who has been president and CEO since September 2011 and a board member since January 2011, replaces Ralph Whitworth, who resigned as interim board chair earlier this week, citing health concerns.

The company also announced that Klaus Kleinfeld, chief executive and chairman of aluminum manufacturer Alcoa, has been appointed to the board, bringing the total number of HP board members to 12. Current director Pat Russo, former CEO of Alcatel-Lucent, will become lead independent director.

"I'm extremely pleased that the board has elected Meg its chairman and Pat lead independent director," Whitworth said in a 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."

Gary Reiner, chair of the board's Nominating, Governance and Social Responsibility Committee, said: "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."

Kleinfeld, former CEO of Siemens, will take over chairmanship of the HP board's Nominating, Governance and Social Responsibility Committee. Board member Robert Bennett will become chairman of the Finance and Investment Committee, the company said.

— Palo Alto Weekly Staff

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