HP Elects Raj Gupta for Its Board of Directors

Hewlett-Packard announced on Wednesday that its board of directors would welcome another member starting with January 2009, namely Raj Gupta, chairman and chief executive officer of Rohm and Haas Company. The total number of HP's board members will rise this way to eleven, ten of them being outside directors.

“For nine years as chairman and CEO, Raj Gupta has successfully guided Rohm and Haas through today’s ever-evolving global business environment,” said Mark Hurd, HP chairman and chief executive officer. “We look forward to welcoming his financial, operational and corporate governance expertise to the HP board of directors.”

Rohm and Haas, a worldwide producer of specialty materials, has Gupta as chairman, president, and CEO since 1999. He joined the company in 1971 and occupied various other positions, including chairman from 1998 to 1999; director of the Electronic Materials business from 1996 to 1999 and vice president and regional director of the company’s Asia-Pacific region from 1993 to 1998. Raj Gupta, who is 62 years old, is currently serving as a director of The Vanguard Group and Tyco International Ltd as well.

The company announced that Gupta was elected to serve on its board of directors and that he would become the eleventh member of the board in January. The privileges include a $100,000 annual salary along with $175,000 in HP stock, according to the company's report with the Securities and Exchange Commission. Also, Gupta will receive $2,000 in cash for each board meeting he attends to if their number rises above six.

HP is a worldwide leading provider of technology products. It provides printing and personal computing devices, IT services, software and solutions which are meant to simplify the technology experience for both consumers and businesses. HP's latest acquisition is EDS, and the deal was concluded on August 26, 2008.