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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: hlpinout who wrote (95620)	3/3/2002 8:23:07 AM
From: hlpinout	Respond to of 97611

COMPANIES & FINANCE INTERNATIONAL: Hewlett tries to lure former HP chief Financial Times; Mar 2, 2002 By SCOTT MORRISON and PETER THAL LARSEN The former head of Hewlett-Packard has emerged as a candidate to be the company's interim chief executive should HP shareholders reject its Dollars 22bn bid to buy Compaq Computer. Lew Platt, who headed HP between 1992 and 1999, has held discussions with Walter Hewlett, the dissident board member who is spearheading opposition to the deal, about a possible return to the company. According to people familiar with the discussions, Mr Hewlett has asked Mr Platt to consider a return to HP in order to provide stability and continuity while the board searches for a permanent replacement for Carly Fiorina, the company's current chief executive. A spokesman for Mr Hewlett said: "Walter Hewlett intends to discuss these issues with the board in executive session, with all of the outside directors, after the merger is defeated." Mr Platt, who retired from HP in 1999, remains a member of the David & Lucille Packard Foundation, the HP shareholder that opposes the Compaq deal. After leaving HP he became chief executive of Kendall-Jackson, the Californian wine company, but stepped down last year. It is not clear whether Mr Platt, who could not be reached for comment, has agreed to take the job should it become vacant. A former colleague said that he would be "very unlikely" to accept the position, even on an interim basis. Most observers expect Ms Fiorina to leave HP if her plan to buy Compaq is rejected. That prospect has prompted fears among investors that HP might be plunged into a period of instability at a critical juncture for the computing industry. Analysts have suggested that some shareholders might end up voting for the deal, despite strong reservations, simply to avoid management turmoil. However, Mr Hewlett has rejected such suggestions, arguing that they amount to little more than "scare tactics". In an interview with the Financial Times this week, Mr Hewlett acknowledged that Ms Fiorina would probably leave, but he reiterated that he did not believe senior management and board members would follow her out the door. "I know these people. I've worked with them for years," he said. "These people are not going to leave. They are dedicated HP managers. They all had to be talked into this merger in the first place." Mr Platt's role would be to provide a stabilising presence at HP. He was respected for his commitment to the company's egalitarian work culture, to employee needs, and to the communities where HP is located. However, some board members grew doubtful about him when he failed to react to the emergence of the internet in the late 1990s. Copyright: The Financial Times Limited 1995-2002