HEWLETT, PACKARD FAMILIES OPPOSE COMPAQ MERGER
The sons of the legendary founders of Hewlett-Packard Company have blasted HP's proposed merger with Compaq. Though HP's shareholders are expected to vote in favor of the deal, the opposition to the merger by the families of the company's founders may put CEO Carly Fiorina in the hot seat. However, the Packard family foundation, the company's biggest shareholder, has not yet decided on how to vote on the deal.
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OFFICIAL HP RESPONSE TO FOUNDER-FAMILY MERGER OPPOSITION
Barring Walter B. Hewlett, a son of one of the founders of HP, all other members of the company's board have collectively come out strongly in favor of HP's proposed merger with Compaq, indicating the board's trust in CEO Carly Fiorina's leadership. "I believe this merger will enhance our innovative capabilities and immediately improve the company's earnings power and competitive position," HP board member Sam Ginn, retired chairman of Vodafone AirTouch, said in a statement released by HP.
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Linda Roatch has been re-elected to the Interex Board of Directors for the single available position on the board, which is being vacated by Janet Sharp, whose term ends this year. The board also appointed Gary Border to fill the position being vacated by current Chairman Ed Witkow.
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