HP Announces HP Financial Services Wholly Owned Subsidiary; World's Second
Largest IT Leasing Company
Business Editors/High-Tech Writers
PALO ALTO, Calif.--(BUSINESS WIRE)--Aug. 13, 2002--HP (NYSE:HPQ)
today announced HP Financial Services, the company's new leasing and
financial services subsidiary. HP Financial Services is designed to
enhance HP's worldwide sales efforts by delivering a broad range of
financial services and asset management capabilities that can
positively impact HP's customer and partner relationships and
shareowner value.
HP Financial Services operates as a wholly owned subsidiary of HP,
and HP intends to include its performance as one of five segments in
HP's quarterly financial segment reporting. HP Financial Services
represents approximately 4 percent of HP's total revenue. Ten percent
of total HP sales are leased transactions.
The merger of HP and Compaq has brought together more than 1,500
IT financing professionals -- managing nearly $10 billion in assets in
more than 50 countries -- to form one globally consistent team focused
on making the process of acquiring, managing and retiring IT solutions
simpler. HP Financial Services is the second largest captive IT
leasing company in the world and operates in more countries than any
other leasing company in its segment.
"HP Financial Services brings to the new HP a centralized business
model for the financial services we offer our customers as part of a
total HP solution. We are confident our subsidiary will help fuel
company growth and increase shareowner value," said Peter Blackmore,
executive vice president, HP Enterprise Systems Group. "The new HP is
ready to execute for current and future customers, and HP Financial
Services is ready to meet their financial asset management needs
throughout the technology life cycle."
HP Financial Services is headed by former Compaq Financial
Services president and chief executive officer Irv Rothman and has
headquarters in Murray Hill, N.J. Regional headquarters are in Dublin,
Ireland, and Sydney, Australia. Rothman brings 29 years of financial
and leasing experience to the company.
"The combination of HP Technology Finance and Compaq Financial
Services has brought together two great organizations to create a
global leader in IT financing -- better equipped than ever before to
provide customers with globally consistent offerings and ready to take
our place among the best-performing financial services companies in
the world," said Rothman. "Customers are looking for solutions that
fully integrate products and services -- including financial services.
Our new organization helps sharpen HP's competitive edge by delivering
the broadest range of global IT financial services available."
Rothman will be supported by a team of 11 senior executives
including: Tom Adams, Finance; Ed Andrews, Global Structured Finance;
Gerri Gold, Corporate Development; Ann Henry, Corporate Resources;
Keith Kendall, North America; Cynthia Klustner, Integration
Management; Dan McCarthy, Legal; Matt Minetola, Information
Technology; Constantin Salameh, Europe, Middle East and Africa; Cintia
Silverstre, Latin America; and John Sutherland, Asia Pacific. Current
customers from HP and Compaq will continue to receive the same level
of service and quality they have come to expect from their account
teams.
Complete IT Asset Management Solutions for Any Enterprise
Through its global leasing and financial asset management
solutions, HP Financial Services makes managing the IT financial life
cycle simpler. Its cradle-to-grave solutions include cost-effective
leasing offers, trade-in programs, and asset management and asset
recovery services. HP Financial Services helps customers
cost-effectively access, manage and retire their IT assets including
hardware, software and services as part of
multi-vendor/multi-technology solutions.
Unlike other IT finance companies that promote cookie-cutter
solutions to customers, HP Financial Services offers superior
flexibility and customization, with increased worldwide consistency in
financing terms and conditions, pricing and service delivery.
In addition to offering global leasing and financial asset
management services, HP Financial Services markets multi-vendor,
pre-owned equipment to customers who request it as part of a complete
HP solution. HP Financial Services operates two Technology Renewal
Centers -- in Andover, Mass., and Nijmegen, the Netherlands -- where
pre-owned equipment is refurbished, tested, configured and HP
certified. |
