Yesterday, The Wall Street Journal reported that HP has reportedly tapped Goldman Sachs
Icahn, Icahn, he's our man!
Amid HP's recent management shakeup and overall inability to define a clear strategic direction, the company would be ripe for someone like Carl Icahn, any other number of activist investors, to quietly accumulate shares and start axing board members. Clorox
If he can't do it, no one can
Sadly, for shareholders, if the WSJ report is accurate, no white knight like Icahn will be swooping in to save the day. Poison pills are typically shareholder-unfriendly and serve only to maintain the status quo for board members who aren't ready to relinquish their seats, even when they need to. What kind of a board brings on a CEO without as much as meeting him? Answer: HP's board.
The right stuff?
I have reservations on whether CEO Meg Whitman is the best pick to lead the HP of the future. Sure, she led eBay
HP has a lot to answer for to its investors, and adopting a poison pill is not an acceptable response to very legitimate questions about how the company is being managed and who is accountable to shareholders.
Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. The Motley Fool owns shares of Research In Motion and Clorox. Motley Fool newsletter services have recommended buying shares of Clorox and eBay. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.