The Soap Opera Continues
by: iamlongcpq (47/M/boston, MA) 02/01/02 10:30 am
Msg: 271905 of 271905
Compaq's Capellas Wants Hewlett Off Board, Business Week Says
By Cesca Antonelli
Houston, Feb. 1 (Bloomberg) -- Compaq Computer Corp. Chief Executive Michael Capellas doesn't want Hewlett-Packard Co. director Walter Hewlett on the board if shareholders vote in favor of the two companies combining, Business Week reported.
Walter Hewlett, son of co-founder William Hewlett, has started a proxy fight against the $23.9 billion purchase. Some analysts said if he loses and Hewlett-Packard does buy smaller rival Compaq, Walter Hewlett may not be renominated to the board.
Capellas told Business Week he doesn't want Hewlett to keep the post at the new company. ``This thing has gotten a little ugly,'' Capellas said, according to the magazine. ``The battle lines are drawn.''
Hewlett told Business Week he considered resigning from the board because he disagreed strongly with the Compaq deal. He's been involved with the company for 50 years and decided it was important for him to stay, Business Week said.
Hewlett-Packard Chief Executive Carly Fiorina declined to comment on whether she'd like Hewlett to remain if her company gets approval to buy Houston-based Compaq, the magazine said.
(BW 2/11) For the Web site of Business Week, see {WBWK }. |
