Hewlett Packard Enterprise has struck a boardroom truce with activist investor Elliott Investment Management, naming veteran tech executive Robert Calderoni to its board and establishing a new strategy committee he will chair, according to a report by Reuters.
Calderoni – currently chair of chip equipment giant KLA and former CEO of Ariba and interim CEO of Citrix – joins HPE’s board effective immediately as part of a settlement following behind-the-scenes negotiations with Elliott, one of HPE’s largest shareholders with a stake exceeding $1.5bn.
The agreement comes just weeks after HPE completed its $14bn acquisition of Juniper Networks, following extended regulatory review. The deal aims to strengthen HPE’s AI-native networking capabilities. Calderoni’s addition is expected to help guide the strategic integration of Juniper, according to a person familiar with the arrangement.
Under the terms of the agreement, Elliott may also appoint one of its own executives to the board. In exchange, Elliott has committed to not pursue proxy contests for at least one year, signalling a cooperative stance as the firm sharpens its AI strategy.
HPE said the newly formed strategy committee will include independent directors Gary Reiner, Raymond Lane, and Charles Noski, alongside Calderoni.
While demand for AI-capable servers – HPE’s core market—continues to surge, the company’s margins have been under pressure due to the high costs of advanced chips from suppliers like Nvidia and AMD. Shares of HPE are down 5% year-to-date, underperforming peers such as Dell Technologies and the broader S&P 500.
Elliott, which manages over $72.7 billion in assets, has ramped up activism this year across sectors despite market volatility. The firm recently secured two board seats at Phillips 66 following a high-profile proxy battle.
