Walter Fiddles while Carly burns, .....
by: skeptically 11/12/01 05:02 pm
Msg: 260992 of 260993
....One can only hope that Susan has her Orrs in the Water.
Same CNET story;
news.cnet.com
Behind the turmoil on HP's board
By Dawn Kawamoto
Staff Writer, CNET News.com
November 12, 2001, 12:00 p.m. PT
Walter Hewlett, a Hewlett-Packard board member and son of one of the company's founders, missed a crucial meeting in July to discuss a proposal to merge with Compaq--an absence that indicates a rancor within the board that has been festering for months.
Last week, Hewlett shocked many investors, analysts and HP executives by announcing that he would vote his shares against the merger. But to insiders, Hewlett's move was no surprise--he skipped a key meeting four months ago to discuss the largest merger in the technology industry.
Contacted in July about the added importance of a previously scheduled board meeting, Hewlett responded that he had plans to perform in an orchestra at the exclusive Bohemian Grove in Monte Rio, Calif., according to a source familiar with the board's actions.
"Everyone was told it was important and that the board would be making a decision to go forward or not to go forward" with the Compaq deal at the regularly scheduled meeting, the source said. "The board spent six to seven hours discussing the merger Thursday, and on Friday (Hewlett) showed up for the formal part of the meeting where standard, operational issues are discussed."
Hewlett was scheduled to perform July 19 with the Bohemian Club Symphony Orchestra, which performs along the man-made lake within the private, 2,700-acre Bohemian Grove about 70 miles north of San Francisco.
The performance was part of the annual summer event, which ran July 13-28, according to the Bohemian Action Network, a group that is critical of the club.
The all-male Bohemian Club comprises rich businessmen, politicians and some influential artists. Past summer gatherings have begun with some attendees donning red-hooded robes and cremating a coffin effigy at the base of a 40-foot owl, said Action Network representative Mary Moore.
Hewlett, through a spokeswoman, declined to comment.
Until last week, Hewlett was largely a background figure at HP. He thrust himself into the controversy over the HP-Compaq merger by publicly opposing the union, the only HP or Compaq board member to do so. David Packard, son of HP's other founder, also opposes the merger, but he is not a board member.
HP took the industry by surprise in September when it announced it would acquire Compaq in a stock swap valued around $25 billion. The deal would mark one of the largest technology mergers in history and would put two big brand names together in an attempt to give greater competition to IBM.
Although the companies have touted the complementary benefits of the merger, from products to cost-savings, Wall Street has largely panned the deal. ....con't at link................
Posted as a reply to: Msg 260989 by lakebob78611 |
