Tom Perkins posts

Feed

Tom Perkins regrets quitting HP board

Sometimes leaving something is hard to do -- and regrets happen later down the road. Tom Perkins, co-founder of the venture capital firm Kleiner, Perkins, Caufield and Byers left the board of directors at Hewlett-Packard Corp. (NYSE: HPQ), and is now kicking himself for doing just that. Okay, let's restate that -- he really should not have left. Perkins had a penchant for weathering tough times, but the CEO mess and company results under former HP CEO Carly Fiorina and the corporate spying scandal under former chairperson Patty Dunn was apparently too much for the seasoned businessman.

Perkins left the HP board in a huff -- and he's now saying that he regrets losing his temper and abruptly resigning from the board of the world's largest computer manufacturer. Perkins, who like any mega-personality has an outsized ego to match, did hold his own in a battle of wills with those former members of HP's board (as in, former Chairwoman Patty Dunn). The way Perkins resigned from HP's board was considered by many to be uncharacteristic of the man. Perhaps he was just tired of the company regardless? Hard to tell, really -- but with Perkins' background and track record, HP would be a better place with him seated on the board rather than not. Perkin's legendary background in tech would easily make him a valued member of the current HP board. You know, since it's the largest computer manufacturer in the world and all.

Would Perkins re-join the board of HP? Probably not, since he's now on the board of Rupert Murdoch's News Corp. (NYSE: NWS) and appears to be having too much fun showing off all his toys and coddling his ego. At his age and with his background, that's what would be expected of HIM and rightfully so -- enjoying success needs to happen some time, right? HP is really on the right track under CEO and Chairman Mark Hurd and the company is in better shape than in most of the recent history of the company under Hurd's leadership, which would have matched Perkins' style and if he was still on the board. Problem is -- he won't be coming back. For Hurd -- who is completely different than his CEO predecessor -- he's be happy to have him back.

Criminal Minds at HP?

attorney general

HP's board members and ex-board members are lawyering-up. Tom Perkins, for example, retained Viet Dinh, who was actually the chief architect of the USA Patriot Act.

After all, it looks like California's attorney general, Bill Lockyer, wants to take some shots at HP bigwigs. Yesterday he made an appearance on the NewsHour with Jim Lehrer show and said that there was enough evidence to bring indictments.

This escalating scandal started with Patricia Dunn, who initiated an investigation of the company's board regarding leaks of confidential information (yesterday she said she will depart the board). The contractors involved in the investigation used the dubious practice of pretexting, which involves impersonating people to get personal phone records.

The investigation was quite aggressive, as it looks like the pretexting targeted board members, media, and employees at HP.

The problem for HP is that Lockyer deems pretexting to be a criminal act (at least in California).

It's impossible to know if and when charges may come. But it could be soon. Why else go public on a national news show on the matter? Yes it looks like Lockyer is milking the PR value.

But the clear winner in all this? Of course, it's the attorneys.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.

Symbol Lookup
IndexesChangePrice
DJIA-74.9212,454.83
NASDAQ-1.852,837.53
S&P 500-2.861,317.82

Last updated: May 27, 2012: 10:11 PM

Hot Stocks

General Electric

19.20-0.05(-0.26)

Alcoa

8.630.00(0.00)

Apple Inc

562.29-3.03(-0.54)

Google Inc 'A'

591.53-12.13(-2.01)

Bank of America

7.15+0.01(+0.14)

Wal-Mart Stores

65.31+0.24(+0.37)

Exxon Mobil Corp

82.08-0.53(-0.64)

Ford

10.60+0.01(+0.09)

Citigroup

26.47-0.19(-0.71)

IBM

194.30-1.79(-0.91)

Yahoo

15.36+0.01(+0.07)

Starbucks

54.56-0.20(-0.37)

Microsoft

29.06-0.01(-0.03)

Home Depot

49.44-0.27(-0.54)

DailyFinance Headlines

AOL Business News

BioHealth Investor Headlines

Sponsored Links

My Portfolios

Track your stocks here!

Find out why more people track their portfolios on AOL Money & Finance then anywhere else.

BloggingStocks Partners

More from AOL Money & Finance

Page Loaded in 1338171109914 ms.