HP-Compaq Meld Almost Complete
Hewlett-Packard expects to complete the integration of Compaq by the end of next October, almost a year ahead of schedule, HP Chairman and CEO Carly Fiorina told investment analysts last week.
Fiorina also said the company expects to save $3 billion in operating expenses during the same time span, about $500 million more than officials had projected before HP completed the $18.5 billion acquisition of Compaq in May.
At the same time, HP announced the reassigning of several key officials. Mike Winkler, formerly executive vice president of worldwide operations, became HPs chief marketing officer. Jeff Clarke, who, with Webb McKinney was a key player in the integration of the two companies, became vice president of supply chain and customer operations. McKinney was named vice president of merger integration and organizational effectiveness.
Kay Sees Future With HP Labs
Computer pioneer Alan Kay has joined Hewlett-Packard as a senior fellow in HP Labs. Kay, who gave the industry the widely quoted comment “The best way to predict the future is to invent it,” will work at HP developing software platforms based on open source code for devices and distributed applications, HP officials said.
For more than three decades, Kay has been a key figure in developing technologies such as the laptop and point-and-click interfaces and Smalltalk, the first complete object-oriented language.
AWOL E-Mail Prompts Big Fine
The Securities and Exchange Commission, the New York Stock Exchange and NASD last week announced they had fined five Wall Street companies more than $8 million because they had not kept e-mail messages related to their exchange, brokerage or dealer businesses.
Goldman Sachs, Salomon Smith Barney, Morgan Stanley, Deutsche Bank Securities and U.S. Bancorp Piper Jaffray agreed to pay $1.65 million each and must detail how they will improve e-mail retention policies within 90 days. None admitted or denied the allegations.