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Hewlett-Packard Throws Walter Hewlett Off Board | |
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| Time: 11:12 EST/16:12 GMT | News Source: Reuters | Posted By: Alex Harris | ||
Walter Hewlett, the son of one of the founders of Hewlett-Packard Co. HWP.N lost his seat on the company's board of directors on Friday after shareholders approved a new slate that deliberately excluded him because of his bid to overturn the merger with Compaq Computer Corp. CPQ.N The changing of the guard at HP's sparsely attended annual meeting marked the first time in the 63-year history of Hewlett-Packard that no member of the founding families had a seat on the board. The Hewlett and Packard families -- with about 18 percent of HP stock -- strongly opposed the $18 billion merger that Chief Executive Carly Fiorina championed in a hard-fought and often nasty four-month proxy battle that culminated in a raucous March 19 vote, which HP says it won but which Hewlett is challenging. | ||
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| #1 By 135 (208.50.201.48) at 4/27/2002 12:48:06 PM |
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I suspect this merger is going to be a disaster. It just doesn't seem like everybody wanted it, and I think there will be infighting between the companies.
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| #2 By 1868 (141.133.185.214) at 4/27/2002 1:36:00 PM |
| Sadly, the merger has only reduced competition in the market and taken away choices from the consumers. Beyond that I honestly feel that it will result in the collapse of both companies because of all of this past hostility. |
| #3 By 1896 (66.20.202.102) at 4/27/2002 4:47:19 PM |
| Don' t forget the huge bonus both the CEOs are going to get. Besides I loved HP printers and Pocket PCs. Let' s see what will happen to them. |
| #4 By 2960 (24.168.201.39) at 4/27/2002 6:30:22 PM |
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This whole merger thing is terrible. It's not going to be good consumers, I'm not convinced it's even good for the two companies.
And it has drawn battle lines between people that have been involved for decades. I know business is business, but I personally find the treatment of the founding families in this mess to be deplorable. TL |
| #5 By 3653 (65.190.70.73) at 4/27/2002 10:49:18 PM |
| Just because they are members of the founding families... should not give them any special treatment. They shouldn't be treated any different that I would be... if I owned 18% of the stock. |
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