NYC pension funds seeking ouster of 2 HP directors (5.5 million shares)

[Omaha Steve]

http://apnews.excite.com/article/20130309/DA4T85BO1.html

By MICHAEL LIEDTKE

NEW YORK (AP) - A group of New York City pension funds is joining the effort to oust the longest-serving members on Hewlett-Packard's board of directors for their roles in a series of costly decisions that have battered the company's stock.

The brewing rebellion is aimed at HP directors John Hammergren and G. Kennedy Thompson, two of the 11 directors seeking to be re-elected at the company's March 20 annual meeting.

Two influential advisory firms, Institutional Shareholder Services and Glass Lewis & Co., are helping to mount the opposition. In separate reports issued earlier this week, both firms recommended that HP shareholders vote against Hammergren and Thompson. The CtW Investment Group also has been urging pension funds that own HP stock to oust those two directors.

In a statement released Friday, New York City Comptroller John Liu said he has concluded Hammergren and Thompson bear responsibility for approving several soured acquisitions that saddled the world's largest personal computer maker with more than $17 billion in losses during the past year.

FULL story at link.