Word: fiorina
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...Fiorina's future, HP follows the mantras of the dotcom era: get big fast and diversify, keeping your fingers in as many pies as possible (in this case, the PC business, the server business, the consultancy business, and printing and imaging). Hewlett's vision is more classic and conservative: avoid spreading your resources too widely, and focus on what you do best--and what you're known for. In HP's case, that's printing and imaging. Hewlett would have HP ditch most of its low-margin PC business. Until recently, Wall Street seemed to be in lockstep with Hewlett...
...both sides. "We try to confine ourselves to logic." Kumar's rationale counts more than most. Next week the influential ISS will mail a widely awaited report to pension funds and other big holders of HP stock. Because the family foundations opposing the merger control 19% of HP shares, Fiorina needs around two-thirds of institutional investors on her side...
...which way is Kumar's logic leaning? He won't say, but the wind may have started to turn in Fiorina's favor. In HP's latest earnings announcement, quarterly profit was a whopping three times last year's level, thanks largely to strong Christmas sales of cameras and printers. Hewlett seized upon that, saying it showed how well HP can do on its own, but others were pleasantly surprised--and more inclined to give Fiorina the benefit of the doubt...
...will likely do the same. Support for the merger within HP has climbed to 65% from its 55% low, according to internal polling. (That HP has taken internal polls shows just how dicey things were.) And Hewlett's fellow board members have been increasingly eager to point out that Fiorina is not riding roughshod over them. "It's unfair to say this is Carly's deal," says Bob Knowling, a former CEO of Covad. "Compaq just makes a tremendous amount of sense. Two plus two can equal five...
...find out how that equation works, you have to get inside the Carly Fiorina mindset. Enter her well-appointed corner cubicle, and she will tell you about how successful companies have to accelerate change and embrace risk--something she says she learned as a sales manager at the once great and now battered Lucent. "If two years from now we want 10% growth," she says, "we have to keep moving into new categories...