From CBS Marketwatch "talk":
Ref: Your WSJ article on 2/11/02 : Walter Hewlett's H-P Plan Excludes Carly Fiorina, Emphasizes Printers
Dear Mr. Tam,
After reading your article on HP merger this morning, I believe there is one critical issue that has
not been mentioned in your article i.e. the character of Fiorina. I believe this is central to the
merging in question. So I would like to offer you a perspective not only as a HP shareholder but as
a 30 years ex-employee.
• Shortly after Fiorina took office, she promised a $ 1.5B cost saving in IT. No result showed up in
any later quarterly reports.
• Shortly after she took office, she embarked a “HP Invent “movement . Her idea was to enroll
employees in a one day “invention class”, and wanted them to turn in 3 inventions as a class
assignment. As an inventor of 24 US patents myself, I can categorically tell you that this is not an
invention process. Real inventions involved sweat, time , luck and above all, subconscious 'thinking'
. Lately she is touting HP’s inventions disclosure rate at 20 per day. Has the press critically
examine this issue?
• Shortly after she took office, she promised a 14-18% growth. If this was true 25 months ago, it
should be true after this recession is over, So why does she need Compaq now ? Was she lying
then or is she lying now ?
• In a web cast on Dec. 2000, she was touting a software net service e-speak,name that you can
walk into a room with a handheld, and finding lowest lost service and connect. This is another
vaporware. Was she lying or just incompetent and naïve ?
• Mr. Hackborn claimed that he identified 6 mega issues. I could not see how would the merger
resolve any of these issues ? Has the press examined these critically ?
• When Fiorina claimed that she has 2/3 employees support, has the press researched the validity
of it ? I talked to a lot of employees, and has yet to find any support at all. One way to settle this
issue is for WSJ to sponsor a web poll.
• Her advertisement on WSJ today said that a combined company would turn the enterprising
margin from -3% to +9%, PC from -4% to +3%. If these were true, why would Compaq like to be
bought ? It would be easier if they hire Fioina.
• When a CEO requires security escort when visiting his/her own company sites, it showed deep
distrust. All previous HP CEO, including Hewlett and Packard could roam around the company
talking to employees without escort, let alone security details.
• In her latest advertisement, she is attacking Mr. Hewlett personally rather than laying out the
arguments. All her arguments are 10-second sound bites with fine print disclaimers, like this
morning’s ad on WSJ
• Her bonus to 6000 selected employees, 65% employees support, and claimed that layoff 36000 if
merger fails spells BRIBE, LIE and THREAT. Has the press, especially WSJ taken her character
into account.?
As far as I am concerned, and I believe there are a lot like me, I am less convinced that the merger
is bad than that Frioina has the character. integrity and capability to pull this through.
Regards,
name withheld |
