To: 2MAR$ who wrote (889649 ) 9/22/2015 11:52:26 PM From: puborectalis 1 RecommendationRecommended By zax
Respond to of 1586766 Fiorina's poor assessment of the PC market forced her to eventually preside over so many layoffs at HP that my Bloomberg colleague Peter Burrows said she was dubbed “ chainsaw Carly .” (Former employees haven’t forgotten, including one who is using the carlyfiorina.org URL to remind us how many people she laid off while HP’s CEO.) Soon after Fiorina was fired, HP employees and shareholders debated whether or not the company should spin off its PC business, essentially undoing Fiorina's big wager. Current HP CEO Meg Whitman eventually did exactly that . Fiorina’s failures didn’t stop there. She also misjudged her ability to run HP and manage its board. In the video she released Monday to announce her campaign, Fiorina asked viewers if they’re tired of “the vitriol, the pettiness, the egos, the corruption” of politics. It’s a good question because she wasn’t particularly adept at handling her own vitriolic and petty board. HP’s board was famously dysfunctional, a group that fought over the Compaq acquisition and, later, what to do about HP’s flagging stock price. As the Wall Street Journal's Pui-Wing Tam reported at the time, HP’s directors had presented Fiorina with a management reorganization plan a few weeks before they fired her. The idea was to distribute some of her power over key operating units to other executives in a bid to even out HP’s spotty financial performance. The company at that point was thought of by investors as bloated and ineffectual. The idea that her ouster came as a surprise, which Fiorina has asserted , is in and of itself a surprise. Bruising boardroom battles. A floundering stock. And a board that wanted to limit her power. How could she not be aware that her job was on the line? The Wall Street Journal’s detailed report about the boardroom talks, which had been private, ambushed Fiorina on her way to Davos. In a lengthy New Yorker article in 2007, the writer James Stewart noted: The next day, Fiorina convened a conference call with all the board members … and demanded a confession from any director who had spoken to Tam or any other reporter… she asked the board’s nominating and governance committee to order an investigation by the company’s outside counsel, Lawrence Sonsini, to identify the leaker. Clearly there were board members who were leaking confidential information to the press and then denying it, a situation that Fiorina said in her book, “Tough Choices,” made her feel violated. But as then-board member Tom Perkins told the New Yorker, “Leaks don’t happen in stable, happy companies. They’re a steam valve. People talk. They’re a symptom of something else.” HP's directors were violating their responsibilities to the company and its board, which was inexcusable. But for her part, Fiorina was completely unable to manage HP's business, its tricky challenges or its board. It’s hard to imagine the same person managing the vicissitudes of a divided Congress as the government tries to work through complicated issues that often lack clear mandates. In an interview last month with the Center for Strategic and International Studies, Fiorina said that leadership is about two things: unlocking potential in others and changing the order of things for the better. By that definition, Fiorina’s time at the top of HP was a disaster.