Ned Pepper's Outrages

Friday, January 21, 2011

HP worst corporate board-the sequel!

Ned's friends recall that one of our most successful offerings was a post done in September entitled "HP Worst Corporate Board." Now the troubled company is back in the news after announcing a "reorganization" of its Board of Directors, composed naturally entirely of members of the Sneering Plutocracy. Four board members have been removed, er, "have decided not to seek re-appointment" apparently arising out of the debacle related to the departure of one of the titans of the Sneering Plutocracy, Mark Hurd. Ned will only point his readers to his earlier post to describe the outrage that resulted from the board's award of at least $12 million IN CASH to Hurd after finding 'irregularities" in his expenses. It will probably astound Ned's readers to learn that Hurd denied any impropriety.
Now the company has added four new board members, all members of the Sneering Plutocracy in good standing. Two perhaps stand out: Patricia Russo who, as chairperson of the telecom giant Alcatel-Lucent, presided over a 60% loss of share value in what can only be described as a disastrous tenure. Ned's friends need not send Russo sympathy cards, however, for she received an obscenely large golden parachute. The second worthy is Plutocrat Meg Whitman, former chair of eBay who wasted more than $150 million of her "own" money, read money flayed from the backs of employees and shareholders, in a disastrous run on the Republican ticket for governor of California, where she was trounced by Jerry Brown.
So these worthies now will dictate policy for HP. Ned advises shareholders to prepare for yet anther bath.

No comments:

Post a Comment