Business

NYC pension funds join effort to oust HP directors

New York City’s pension funds have joined the effort to oust two Hewlett-Packard directors who presided over some of the company’s most costly mistakes.

The two directors targeted — John Hammergren and G. Kennedy Thompson — are among 11 directors seeking re-election at the company’s March 20 annual meeting.

Michael Garland, the pension’s assistant comptroller for corporate governance, said the two joined the board in 2005 and 2006, kicking off a string of poor decisions.

Most recently, HP, the second-largest PC maker, last year wrote off $5 billion of its $11 billion acquisition of UK software firm Autonomy, saying it was duped into buying the company through improper accounting.

Hammergren is also chair of the finance committee that oversees mergers.

Other oft-criticized moves include buying defunct mobile device maker Palm and hiring short-lived and Silicon Valley newcomer CEO Leo Apotheker, now gone.

“I think the board made a miscalculation renominating these directors, and expect to see a high opposition vote,” Garland told The Post.

Proxy adviser Institutional Shareholder Services has recommended voting against Chairman Ray Lane, as well as Hammergren and Thompson. Glass Lewis recommends voting against the two members, plus two others while keeping Lane.

Garland believes that is one director too many. “We don’t want to destabilize the board,” he said.

HP shares have fallen 60 percent since their 2010 peak. The funds hold a combined 5.5 million total HP shares worth $116 million.

“If it wasn’t so costly, HP would be comical,” Garland said.