(Source: EMI Films )
Company finally listens to investors, analysts
After taking a shellacking from investors and analysts, Hewlett-Packard Comp.'s (HPQ) board finally relented and has reversed its plans to chop up the company. Based on the sentiments of the investors and the tech community Thursday's announcement might has well have read, "HP decides not to chop off limbs."
New CEO Meg Whitman indicated that her firm realized the obvious. She comments, "HP objectively evaluated the strategic, financial and operational impact of spinning off PSG. It’s clear after our analysis that keeping PSG within HP is right for customers and partners, right for shareholders, and right for employees. HP is committed to PSG, and together we are stronger."
The announcement comes after the board initially tried to placate investors by making a scapegoat out of German CEO Léo Apotheker. To be fair, Mr. Apotheker was probably a bad fit in the first place particularly considering he was just fired by German business software giant SAP AG (ETR:SAP). However, the decision to kill webOS and spin off the PC business clearly came from the board, as the new CEO Meg Whitman was initially encouraged to continue these plans.
HP's former board chairman Tom Perkins likened those plans to corporate suicide.
Well investors can sleep a bit more soundly now that the spinoff of the world's largest PC seller has been terminated. There is still bad news for webOS fans though; HP hasn't given any indication it's willing to back off of that unpopular decision -- not yet at least.
Source: HP
"Can anyone tell me what MobileMe is supposed to do?... So why the f*** doesn't it do that?" -- Steve Jobs
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