Walter is on the ballot?
NW
Hewlett-Packard: HP sets April 26 for Annual Shareowner Meeting HP board
nominates candidates for election as directors
PALO ALTO, Calif., Apr 22, 2002 (M2 PRESSWIRE via COMTEX) -- Hewlett-Packard
Company (NYSE:HWP) today announced that HP's Board of Directors has set Friday,
April 26, as the date of the company's 2002 annual meeting of shareowners. The
meeting will begin at 2 p.m. PST at the Flint Center in Cupertino, California.
The board also approved two slates of nominees for election as directors by HP's
shareowners at the annual meeting.
If the merger transaction with Compaq Computer Corporation closes prior to the
annual meeting, HP's shareowners will vote on the following nominees:
Current HP board members:
* Philip M. Condit, chairman and CEO, The Boeing Company
* Patricia C. Dunn, co-chairman and global chief executive, Barclay's Global
Investors
* Carleton S. Fiorina, chairman and CEO, HP
* Sam Ginn, retired chairman, Vodafone AirTouch Plc.
* Richard A. Hackborn, former chairman and retired executive vice president,
Computer Products Organization, HP
* Walter B. Hewlett, independent software developer and chairman, Vermont
Telephone Company
* George A. Keyworth II, chairman and senior fellow, the Progress & Freedom
Foundation
* Robert E. Knowling Jr., chairman and CEO, Internet Access Technologies Inc.
Current Compaq Board members:
* Lawrence T. Babbio, Jr., vice chairman and president, Verizon Communications,
Inc.
* Michael D. Capellas, chairman and CEO, Compaq Computer Corporation
* Sanford M. Litvack, of counsel, Dewey Ballantine, LLP
* Thomas J. Perkins, general partner, Kleiner Perkins Caufield & Byers
* Lucille S. Salhany, co-president and CEO, LifeFX Networks, Inc.
Alternatively, if the merger transaction with Compaq has not closed prior to the
annual meeting, HP's shareowners will vote on the following nominees:
Philip M. Condit, Patricia C. Dunn, Carleton S. Fiorina, Sam Ginn, Richard A.
Hackborn, Walter B. Hewlett, George A. Keyworth II, Robert E. Knowling Jr. and
Robert Wayman, executive vice president and chief financial officer, HP.
The merger agreement between HP and Compaq provides that, effective at the
closing, directors of Compaq reasonably acceptable to HP will be appointed to
HP's board. The merger agreement also provides that HP's board will have no more
than two inside directors. Robert Wayman has indicated that he will resign from
HP's board effective upon the closing.
"The HP Board has always operated on the important governance principles of
independence, deliberation and diversity of views. We are pleased to bring
forward to our shareowners these candidates who will work with management to
guide the new HP, " said Carly Fiorina, HP chairman and chief executive officer.
"We expect the addition of the five Compaq directors will provide valuable
experience from Compaq that will both benefit HP's market insight and execution
capabilities and assist us in the successful integration of the two companies,
assuming the merger closes. "
Commenting specifically on the re-nomination of Walter Hewlett, Fiorina noted,
"As we complete the merger, our imperative is to minimize distraction and
disruption so that all our employees can focus their energies on serving our
customers. The proxy contest is over, and the spotlight should now turn to the
business benefits that the HP team can and will deliver for our customers,
partners and shareowners. This nomination solidifies our resolve to move on from
the rancor of the past months. We expect Walter Hewlett to join the rest of the
new board in embracing both our management team and our strategy." |
