NEW YORK (TheStreet) -- Shares of Hewlett-Packard (HPQ) tacked on a few pennies in Monday's extended session after the computer and printer maker named longtime executive Ann Livermore to its board, and said the heads of three of its customer-facing units would now report directly to CEO Leo Apotheker.
HP said Dave Donatelli, executive vice president of its Enterprise Servers, Storage, Networking and Technology Services unit; Bill Veghte, executive vice president of its Software unit, and Jan Zadak, executive vice president of Global Sales will all be counted among Apotheker's direct reports.
The stock was last quoted at $34.69, up 4 cents, on volume of around 92,000, according to Nasdaq.com. Based on a regular session close of $34.65, the shares are down 16% so far in 2011.
Livermore has been with HP for nearly 30 years, and will step away from her current position in charge of the company's Enterprise Business unit. She will continue to fill the role on an interim basis, and sponsor certain key accounts until a replacement is named."Ann's distinguished role as a leader of our largest business, deep relationships with our most important customers, institutional knowledge of the company and its employees, and insights on the technology industry will be tremendous assets to our board of directors," said Ray Lane, the board's non-executive chairman, in a press release. "On behalf of HP's 320,000-plus employees, I would like to congratulate Ann on her election and offer our heart-felt gratitude for her long service and dedication to this company." HP also said it streamlining its administrative operations on Monday, eliminating the chief administration officer role and expanding the chief information officer's duties. Both Pete Bocian, the chief administration officer, and Randy Mott, the chief information officer, are leaving the company, and HP will search for a new chief information officer. Although it topped Wall Street's consensus earnings estimate when reporting its first-quarter results on April 18, HP fell short on revenue, underlining the difficulties it's had in growing its top line in the past year. The company's total of $19.73 billion for the three months ended in March was a sequential improvement but still well below revenue of $25.42 billion in the year-ago equivalent period.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV