HP Issues Statement Regarding Hewlett Action to Recruit New CEO
PALO ALTO, Calif.--(BUSINESS WIRE)--March 2, 2002--Hewlett-Packard Company (NYSE:HWP - news) today issued the following statement in response to an article in the Financial Times and FT.COM:
The reported action of Walter Hewlett to recruit former HP CEO Lew Platt as a replacement CEO for Carly Fiorina is an outrage and blatant disregard of a director's responsibilities. In addition, an erroneous headline in an early posting of the article on FT.COM, which is being corrected by the publication, said that HP itself was involved in the recruiting of the former CEO, which is clearly false.
This proxy contest is not about the office of the Chairman and CEO. It is about a business strategy strongly supported by management and all of the members of the Board of Directors other than Walter Hewlett.
Walter Hewlett obviously intends to mislead and distract shareowners by raising this issue. His unilateral action, without conferring with his fellow board members, to publicly engage in an attack on the CEO position and to recruit for that position is a blemish on the character and quality of HP. All of HP's directors other than Walter Hewlett have declared their unequivocal support for Carly Fiorina and believe that his calls for her departure are presumptuous, baseless and irresponsible.
His action lacks integrity and reflects desperation.
To say the least, this action, coupled with his ongoing disregard for corporate governance, is conduct unbecoming of a member of the Board of Directors of HP and does not serve the interests of shareowners. |
