Hewlett Packard Enterprise Reaches Agreement with Elliott, Appoints Veteran Executive to Board Amid Juniper Acquisition

Hewlett Packard Enterprise was reported on Wednesday to have appointed an experienced technology executive to its board of directors as part of an agreement reached with activist investor Elliott Investment Management, signaling a truce following months of private negotiations. The development was announced just weeks after the company completed its closely watched  $14 billion acquisition of Juniper Networks, which had been subject to prolonged antitrust scrutiny.

According to a statement released by the company, Robert Calderoni, a veteran of the technology industry who previously served as chair and chief executive officer of Ariba as well as chair and interim CEO of Citrix, was appointed to the HPE board effective immediately. Calderoni, who is currently serving as chair of semiconductor equipment company KLA, has also been named chair of a newly formed strategy committee. This committee is expected to guide the company’s long-term direction and oversee the integration of Juniper Networks.

It was indicated that under the terms of the agreement, Elliott, one of HPE’s largest shareholders with an investment valued at over  $1.5 billion, has secured the option to appoint one of its own executives to the board. The arrangement is understood to remain in place for at least one year and prohibits Elliott from initiating any proxy contests during that time. The truce followed several months of discussions conducted behind closed doors between Elliott, headquartered in West Palm Beach, Florida, and HPE, based in Houston, Texas.

The announcement also comes shortly after HPE finalized its acquisition of Juniper Networks, originally unveiled in January 2024. That transaction had faced a review by the U.S. Department of Justice before it was allowed to proceed earlier this month. The merger is intended to transform HPE into a comprehensive, AI-native networking provider with advanced capabilities in artificial intelligence-driven solutions. Sources familiar with the agreement, speaking anonymously, suggested that the addition of Calderoni to the board was designed to ensure strategic oversight and execution of the Juniper integration, which is regarded as critical to HPE’s future.

Following the news, shares of HPE rose slightly by 0.5% in afternoon trading, reaching  $20.38. However, it was noted that the company’s stock has fallen approximately 5% since the start of the year, lagging behind competitors such as Dell Technologies and the broader S &P 500 index. Analysts observed that while demand for AI servers has increased significantly as both large technology companies and startups race to deploy generative AI services requiring substantial computing power, the profitability of this business line has been constrained by the high costs associated with advanced chips produced by Nvidia, AMD, and other suppliers.

Calderoni’s appointment was highlighted as particularly noteworthy given his track record in the industry. He previously oversaw the sale of Ariba to SAP and contributed to the sale of Ansys to Synopsys. Furthermore, he is recognized for his prior collaboration with Elliott, having worked closely with Jesse Cohn, a partner at the hedge fund, during his tenure on the Citrix board. His familiarity with Elliott’s priorities and his expertise in navigating major corporate transactions were described as assets that would benefit HPE as it embarks on its next phase of growth.

Elliott, which manages approximately  $72.7 billion in assets, has a well-established history of engaging with companies to push for strategic and operational changes. In recent years, it has undertaken activist campaigns at firms such as Southwest Airlines, Phillips 66, and Texas Instruments. Notably, despite market volatility that led many other activist investors to pull back, Elliott has continued to pursue high-profile campaigns globally in 2025. In May, the firm secured two board seats at Phillips 66 following a contentious proxy battle, underscoring its willingness to press for influence even under challenging conditions.

HPE stated that the newly established strategy committee would also include independent directors Gary Reiner, Raymond Lane, and Charles Noski, alongside Calderoni. The committee is expected to play a central role in shaping the company’s strategic priorities, including the integration of Juniper and the development of its AI-driven business segments.

The agreement between HPE and Elliott was viewed by industry observers as a pragmatic resolution that allows the company to focus on executing its strategic plans without the distraction of a public activist campaign. At the same time, it provides Elliott with formal representation and influence over the company’s direction, ensuring that shareholder concerns are addressed constructively.

The developments underscore the significant shifts taking place within the cloud infrastructure and AI server markets, where companies such as HPE face mounting competitive pressure and must navigate complex technological and regulatory environments. As the company integrates Juniper’s capabilities and expands its AI-driven solutions, the oversight provided by the new board structure is expected to play a vital role in maintaining momentum and delivering value to shareholders.

By appointing a seasoned executive with deep industry knowledge and a proven track record of working with activist investors, HPE has taken a proactive step to align its governance with its strategic ambitions, laying the groundwork for a more stable and collaborative future.