HP Loses Its Second Board Member This Month

emergency exit, crowdtwist, december 2011, bi, dng

Photo: Daniel Goodman / Business Insider

Lawrence Babbio has resigned from the HP board, making that the second board member this month to say good-bye to the troubled company.Babbio has been on the HP board since 2002. He came from Verizon Communications.

Before he retired in 2007, he was responsible for the Verizon Telecom and Verizon Business units and was on the board of directors of Verizon Wireless. Babbio’s career hails back to 1966 when he began as an engineer with the New Jersey Bell Telephone and worked his way up through the Baby Bell mergers and consolidations of the phone industry. Since leaving from Verizon, he’s been involved with the VC firm Warburg Pincus.

HP Lawrence BabbioLawrence T. Babbio

Photo: HP

Babbio was one of the board members on the search committee for a CEO after Mark Hurd resigned.HP has not released a formal statement, but the news was announced in an SEC filing. No reason was given for Babbio’s resignation.

Earlier this month another long time board member threw in the towel, too: Sari Baldau.

About a year ago, four directors left and were replaced with five. With Baldauf and Babbio, the tally ratchets up to six long-time board members gone in the last year or so.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.