Word: fiorina
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Since HP's president, Michael Capellas, a respected operations manager and Compaq's last CEO, quit to run WorldCom in mid-November, Fiorina must now take full responsibility for HP's bottom line at a time when she must parry new threats from IBM and Dell. Both have spent the past year bulking up major parts of their businesses, while HP has been on a low-cal diet, trying to restore its flabby enterprises to health. As analyst Bill Shope of J.P. Morgan Chase puts it, "IBM is trying to squeeze HP at the upper end of the market, while...
...Fiorina's supporters think HP in the middle will be a hit show. The rationale for acquiring Compaq has not changed, they argue. By buying Compaq's vast product portfolio, R.-and-D. muscle, direct-sales channel and 34,000 tech-service pros, HP could thwart IBM and Dell. "Analysts are waiting for us to put points on the scoreboard," says Michael Winkler, Fiorina's executive vice president for operations. (Fiorina declined to be interviewed...
...Even if Fiorina can thwart Dell's attack in hardware and services, that still leaves IBM gunning for her other flank in higher-end corporate computer systems and services. IBM retained its market share in servers through this year's second quarter, while Compaq's share has eroded slightly, enabling IBM to pull to a tie in terms of global revenues, according to IDC. IBM CEO Sam Palmisano recently said the company would invest $10 billion to enable clients to purchase computing power "on demand," signaling to HP and other rivals that Big Blue is planning a war of attrition...
Some investors remain skeptical that Fiorina will be able to return HP to the brisk growth that it achieved in the 1990s, especially since her chief lieutenant, Capellas, has departed. Admired for his tech knowledge and ability to get chummy with chief information officers, Capellas has skills that were supposed to complement Fiorina's--a part of the pitch both executives made to persuade shareholders to vote for the merger...
...bulls are betting that Fiorina does not need Capellas to boost HP's profits. Capellas is a "good friend who brought many talents and a lot of enthusiasm to this endeavor," she said in a memo to employees. She also noted, "I have great confidence in our ability to continue to execute the strategies and plans we have put in place." It was vintage Fiorina, warning her cynics and doubters that they're not going to make any money by underestimating...