HP Tech Record Mixed During Fiorina Years
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When Carly Fiorina took charge of Hewlett-Packard in 1999, the slumping Silicon Valley pioneer was on the verge of missing the Internet boom.
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Hewlett-Packard Co. today reported net income for its fiscal fourth quarter of $1.09 billion, compared with $862 million during the same quarter a year earlier.
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(InfoWorld) - IT investors had a mixed bag of news to digest this week, in the wake of Hewlett-Packard Co.'s boardroom spy scandal, and Xerox Corp.'s annual pilgrimage to New York to woo the Wall Street crowd. It's a measure of HP Chief Executive Officer Mark Hurd's success so far that the company has not been harder hit by theÂ boardroom spy scandal, in which outside investigators hired by the board used allegedly illegal means to spy on employees, board members and reporters. In order to smooth things over, Hurd will replace Dunn in January and retain his CEO title. The spying was sparked by leaks to the press, which ironically included information on discussions that led to the firing of former CEO Carly Fiorina. It's ironic because under Hurd, the company's takeover of Compaq Computer Corp. -- a controversial acquisition engineered by Fiorina -- seems to be paying off. Hurd has reorganized the company to cut costs, and HP is gaining PC market share and growing almost as fast as its archrival in that market, Dell Inc. Since HP is much larger than Dell, that growth is remarkable. Much of it is the result of reorganized company logistics, supply-chain management, inventory control, as well as a continued push on the product front. The spy scandal has not implicated Hurd, and that's a good thing. Company shares did take a hit after Tuesday's disclosure by the California state attorney general on The NewsHour with Jim Lehrer that he had enough evidence to charge HP officials. Still, shares (HPQ) closed Thursday at $36.25, about where they were right before the scandal broke last week. The share price is still up 3.12 percent for the month and 31.81 percent for the year. As long as Hurd is not implicated in the scandal, the company seems poised to continue its run, even if Dunn or other board members are indicted. Of the seven major brokers changing their recommendations on the company this year, all but one have been to upgrade their recommendations -- the one exception was before the scandal. Meanwhile, HP's archrival in printers, Xerox, is having a hard time gaining traction in the market. The company made its annual pitch to Wall Street last week in a series of product and services rollouts. The consensus among analysts appears to be that CEO Anne Mulcahy is making all the right moves: slimming down the company, integrating and expanding services, keeping up pressure on rivals in the small and medium-size business market, and keeping its lead on the high-end production market. But share price was not affected by her pitch to Wall Street. Shares (XRX) closed Thursday right where they were on the last day of her pitch last Friday, at $14.90. "The strategy is there, but Wall Street wants to see more growth," noted IDC analyst Keith Kmetz. Various competitors including Asian manufacturers have "nibbled away" at the low end of the market, Kmetz said, but Xerox still has a command position in the production market and is strong in the market for office color printing and multifunction devices. Only HP can claim to rival Xerox in the full scope of products and services. But growth is tepid. Xerox second quarter revenue rose to $3.98 billion from $3.92 billion last year. The message from company executives appears to that Xerox will be able to achieve growth rates experienced by HP as services grow nearer to 50 percent of company revenue. But as Mulcahy told IDG, "whether that will be in three, or five years, I can't say."
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SAN FRANCISCO, Sept. 26 Â It began in May 2005 with a call to Verizon Wireless from a woman posing as one of its employees. It ended almost a year later with another such call, in the same quest: to gain the cellphone records of a Hewlett-Packard director and his family.
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Hewlett-Packard Co. (HP) showed off 14 new imaging and printing products during an event in Frankfurt, Germany, where executives showcased the HP LaserJet 4345mfp multifunction copier, which they said can crank out up to 45 pages per minute for a third the cost of similar machines.
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Many buyers have become smarter, HP's Fiorina says.
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SAN FRANCISCO -- Hewlett-Packard Co.'s early efforts to plug a boardroom leak targeted the phone records of then-chief executive Carly Fiorina, according to a source familiar with one of the investigations looming over the computer maker.
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We did it my way On September 6 - Carly Fiorina's birthday - investigators involved in the HP spy scandal could hear the butcher's footsteps. Quite a few people would be sacrificed because of the public relations mess, and those closest to the probe would likely be cut across the neck first.â¦
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SAN JOSE, Calif. -- Hewlett-Packard Co.'s board considered on three occasions whether to break up the company, but each time directors unanimously concluded it would be best to keep HP together, chief executive and chairman Carly Fiorina said yesterday.
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New reports implicate HP chief more deeply than previously thought.
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CHICAGO -- This cannot be an easy time for Ann Livermore. When Hewlett-Packard Co. (HP) missed Wall Street's earnings expectations late last week, the blame was placed squarely on the shoulders of the Enterprise Servers and Storage Group, one of the divisions she manages. "Unacceptable" problems within the group cost HP $400 million in revenue and $275 million in operating profit, said HP Chairman and Chief Executive Officer Carly Fiorina just hours before HP announced the sacking of three senior executives within the division.
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By Michelle Kessler  SAN FRANCISCO -- Hewlett-Packard's snooping scandal has besmirched the company's reputation -- but many other things are going great for the computer giant, tech analysts say.
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Like a good friend who has just gotten out of a terrible relationship, Hewlett-Packard seemed to be on the rebound and all the happier for it in recent months. After the departure of controversial CEO Carly Fiorina, the company has as of late shown newfound confidence and focus under new CEO Mark Hurd. But allâs still not well in the higher echelons of HP, as revealed in a filing the company made to the U.S. Securities and Exchange Commission.
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(InfoWorld) - Hewlett-Packard may be on track to be a $100 billion company this year, but CEO Mark Hurd said there's a total $1.1 trillion IT market for it to pursue. Hurd, in a keynote address Monday at the HP Technology Forum in Las Vegas, told an audience of HP customers, partners, and employees that the company needs to continue to reduce costs so it can invest in innovation more. In an emotional moment in his 30-minute address, he expressed confidence his 167,000 employees are up to the challenge. "I know of no CEO who is prouder of their company as I am about HP," Hurd said, in an arena inside the Mandalay Bay Resort & Casino convention center. HP's capital spending has remained relatively flat in recent years while its budget for IT maintenance and continuing operations has continued to rise. Hurd pledged that HP would increase its capital spending by a factor of four over what it is today, with a goal of getting HP to a point where maintenance and operations are just 30 percent of the IT budget and innovation on new technology is 70 percent. HP is in the midst of a capital project to reduce the number of data centers it operates, from 85 worldwide to just six, to improve the efficiency of its own operations. Hurd, who is also chairman and president of the technology company, said it also has a goal of reducing the amount of energy used for power and cooling by 50 percent, which he said would save enough energy to power the city of Palo Alto, California, HP's headquarters city, for a year. "Green is not just about being environmentally friendly, it's [about] a great outcome. It's also about the efficiency we gain and the money we save at the same time," Hurd said. While remaining focused on costs, HP is also hiring. Hurd said the company hired approximately 1,000 new sales people over the last 12 months, two-thirds of them in the Technology Solutions Group, which sells to businesses and large enterprises. Hurd said that all the innovation HP designs into its personal computers, servers and other products won't make a difference if the products are not well distributed. He said the company needs to hire more and better sales people and handle more accounts to better serve their customers. The Technology Forum is co-hosted by HP user groups, including Encompass. The forums help HP customers, particularly small-to-medium sized businesses get the company to listen to them, said Nina Buik, president of Encompass. "HP is going to listen to FedEx, Motorola or General Dynamics," Buik said. "But if you take that layer of SMBs who, collectively, probably do the largest spending for HP products, this is where their voice is heard."ADVERTISEMENTIBM Information On Demand 2006Industrial Industry Leaders, please join us at IBM's premier information management global event, IBM Information On Demand 2006, October 15-20, Anaheim, CA. More IBM business and technical solutions content in one place than ever before! Select from  over 800 sessions. Register today!
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(InfoWorld) - Like a good friend who has just gotten out of a terrible relationship, Hewlett-Packard seemed to be on the rebound and all the happier for it in recent months. After the departure of controversial CEO Carly Fiorina, the company has as of late shown newfound confidence and focus under new CEO Mark Hurd. But allâs still not well in the higher echelons of HP, as revealed in a filing the company made to the U.S. Securities and Exchange Commission. The sudden and unexpected resignation of Silicon Valley venture capitalist Thomas Perkins from HPâs board of directors in May turned into a full-blown scandal last week, spawning law enforcement and SEC investigations and a PR nightmare for HP. At the center of the controversy is a legally and ethically questionable internal investigation of leaks of confidential company information to the media dating back to 2005. According to a copy of a letter from Perkins to the HP board explaining his sudden resignation, and republished on thesmokinggun.comâs Web site (a sure sign, if ever there was one, that youâre in the PR doghouse), HP hired outside companies to obtain personal phone records of board members using âpretextingâ (thatâs âsocial engineeringâ to you and me), in which a private investigator impersonated board members to obtain details of private phone company billing statements. In his letter, Perkins says he has proof that his own phone records were âhackedâ in the investigation. Those investigations ultimately fingered George Keyworth, an HP director since 1986, as the source of information about board deliberations and other confidential information, which were leaked to the media without authorization. Keyworth acknowledged he had leaked information at a board meeting on May 18 but refused the boardâs request to step down. Perkins announced his own resignation at that meeting, citing âpersonal frustrationâ with board Chairwoman Patricia Dunn over the handling of the leak investigation. In the meantime, the dispute has spilled over into the public domain. The attorney general of California asked HP to supply information about the leak investigation. The SEC has also been in touch over the 8-K filing HP made when Perkins resigned. HP believes its disclosures in May were âaccurate and complete.â In an Aug. 31 meeting, HPâs board of directors determined that Keyworth shouldnât be nominated for another term on the board.
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(InfoWorld) - Two key figures in theÂ Hewlett-Packard spying scandalÂ will give their sides of the story in interviews on the CBS News program "60 Minutes" on Sunday. Patricia Dunn, former chairman of the technology company who was charged with four felonies in California, and Carly Fiorina, the former chief executive officer, president and chairman, gave separate interviews on the subject, according to information released by CBS Friday. In her interview, Dunn says companies conduct such investigations often. "Every company has investigations. Investigations, by their nature, are intrusive," Dunn tells "60 Minutes" correspondent Lesley Stahl. "If you think that Hewlett-Packard is the only company that has an investigations force -- which by the way, is peopled mostly with former law enforcement officers that do all kinds of private detective work, monitoring, posing as other people in order to solve problems to protect shareholder value -- you're being naÃ¯ve." Dunn tells Stahl she is innocent of the charges she and four others connected to the case are facing: using false pretenses to obtain confidential information from a public utility, unauthorized access of computer data, identity theft and conspiracy. Four other people face the same charges. Dunn made a brief court appearance Thursday in Santa Clara County Superior Court in San Jose and will return to court Nov. 17 for an arraignment. HP is based in Palo Alto, which is also in Santa Clara County. Fiorina was also interviewed by Stahl to promote her book about her HP days, "Tough Choices: A Memoir," which is to be released next week. Fiorina says she was "shocked" to discover the lengths to which investigators allegedly went to probe the source of HP leaks to the media, including the use of pretexting -- using false pretenses -- to gain access to phone records of people who were targets of the investigation. "Well, I mean, I was shocked to hear about the depth and the range of some of those tactics and -- and shocked to hear that I might have been the subject of some of them," Fiorina said. Documents released Wednesday by the California Attorney General's Office show that Fiorina's phone records were among those accessed by private investigators via pretexting. Dunn, who succeeded Fiorina as chairman after Fiorina's firing in March 2005, launched an investigation to find the source of leaks of board deliberations prior to Fiorina's firing. Dunn authorized a second probe in 2006 after a news report in January that quoted an anonymous source on HP's board. Fiorina says in the "60 Minutes" interview that she sought to find the source of news leaks when she was chairman, but that was limited compared to what has been alleged under Dunn's chairmanship. "I wouldn't call what I did when I was faced with a leak -- I wouldn't even call it an investigation. I would call it a series of conversations with people. The reality is I knew very well who had talked outside the boardroom. Only one of the people who talked outside of the boardroom confessed. But, I knew who had done it. They knew who -- they had done it and so did everyone else on the board," Fiorina says, according to a release from CBS News.
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Carly Fiorina, who was ousted last week as chairman and CEO of Hewlett-Packard Co. , will have received &#36;45 million worth in stock options and severance pay on top of her regular salary and cash bonuses after five years at the company, a spokeswoman said on Monday.