Mike Lynch to leave HP amid 27,000 job cuts
HEWLETT-Packard yesterday unveiled a restructure which will see Autonomy founder Mike Lynch leave the company and 27,000 employees lose their jobs.
British entrepreneur Mike Lynch, dubbed the British Bill Gates, is a founder of tech company Autonomy, which was bought by HP in August for £6.2bn. At the time it was the UK’s most valuable software firm.
Lynch will be replaced by HP’s chief strategy officer Bill Veghte.
Hewlett-Packard also announced a slew of job cuts which will reduce its work force by eight per cent. The move, to be implemented largely through early retirements, will generate annual savings of up to $3.5bn, the company said.
The revelations came as the US tech company published its second quarter results.
HP posted a $1.59bn profit, down 30 per cent on the same period last year, and said revenue fell by three per cent to $30.7bn.
Chief executive Meg Whitman said, “We are making progress in our multi-year effort to make HP simple, more efficient and better… but we still have a lot of work to do.”