HPE Reaches Truce With Activist Elliott. Strategy Committee to Assess Direction.

Elliott Investment Management has a record of pushing companies to change direction. (Dreamstime)

Hewlett Packard Enterprise has entered into a cooperation agreement with activist investor Elliott Investment Management that will see longtime technology executive Robert Calderoni join the HPE board, the company announced Wednesday.

Calderoni currently serves as the chairman at KLA Corp. and as a board member of Ansys.

As part of the agreement, HPE’s board established a strategy committee to “assess the strategies of HPE’s businesses and identify opportunities for additional value creation,” the company said. Elliott also will have the ability to appoint one of its own employees as a director, subject to board approval.

HPE is a server and cloud-software company.

Elliott, which has a history of pushing companies to change direction for the benefit of shareholders, took a $1.5 billion stake in HPE in April, Barron’s reported at the time.

“We are pleased with today’s outcome and look forward to continuing our collaboration with the board and the management team to support HPE’s ongoing transformation,” said Elliott partner Jason Genrich in a statement.

HPE stock was rising 0.4% in premarket trading Wednesday. The stock has declined 5% in 2025.

Write to Nate Wolf at nate.wolf@barrons.com