The computer maker's chairman Ray Lane has stepped down as executive chairman. He's been on thin ice with shareholders after his role in acquiring a business software company ended up hurting HP's bottom line.
NPR's business news starts with a costly misstep by HP.
The California-based technology giant is writing down an $8.8 billion loss. CEO Meg Whitman says much of that comes from new revelations about Autonomy, a software company HP bought last year. She says the company lied about the state of its finances. HP plans to sue, and has asked authorities in both the U.S. and the U.K. to investigate. Transcript provided by NPR, Copyright National Public Radio.
Saying it was a victim of "serious accounting improprieties, disclosure failures and outright misrepresentations" by a British software company it acquired last year, tech titan Hewlett-Packard just announced it erased $8.8 billion from its books last quarter to properly account for the acquisition.
Hewlett Packard will cut more jobs in an effort to turn the company around. On Monday the computer maker announced an additional 2,000 jobs will be eliminated on top the 27,000 worldwide cuts announced last May.