BUSINESS
November 22, 2011 | By Andrea Chang, Los Angeles Times
In its first earnings report with Meg Whitman as chief executive, Hewlett-Packard Co. reported fiscal fourth-quarter profit and revenue that beat expectations, but cautioned that it expected a challenging 2012. The tech giant Monday reported revenue of $32.1 billion for the three months ended Oct. 31, down 3.5% from $33.3 billion last year. Profit totaled $239 million, or 12 cents a share, compared with $2.54 billion, or $1.10, a year earlier. Excluding one-time charges and other items, Hewlett-Packard would have earned $1.17 a share, beating the Wall Street estimate of $1.13.
BUSINESS
October 28, 2011 | By Andrea Chang, Los Angeles Times
Hewlett-Packard Co. will keep making personal computers after all. The world's largest computer maker said Thursday that it would not spin off its Personal Systems Group, which makes PCs, into a separate company, an idea it first floated in August. HP's new chief executive, Meg Whitman, said the decision came after the Silicon Valley giant "objectively evaluated the strategic, financial and operational impact" of divesting the business. "After reviewing the results of the analysis, the decision was actually very straightforward," Whitman said in a conference call with analysts Thursday.
BUSINESS
October 1, 2011 | By David Sarno, Los Angeles Times
Meg Whitman is taking a $1 annual salary for her position as the new chief executive of Hewlett-Packard Co. But don't think she's working for peanuts. As part of her compensation package, Whitman was also awarded options to buy nearly 2 million shares of HP stock at $23.59, close to Friday's opening price, which eventually could bring her a windfall of tens of millions of dollars if HP's stock price rises. But as with many executive-level packages, the options won't vest immediately: Whitman won't be able to cash in at least 900,000 of them until a year from now. The vesting of the options is also tied to the performance of the stock: If HP's stock doesn't achieve certain levels of growth during her tenure, in other words, Whitman can't use them.
BUSINESS
September 24, 2011 | By David Sarno, Los Angeles Times
Hewlett-Packard Co. investors greeted the company's new chief executive with the Wall Street equivalent of a stocking full of coal. On Meg Whitman's first full day as CEO, the company's stock hit a six-year low. The drop, which sent the stock to its lowest price since May 2005, reflected investors' continued doubts about Whitman's fitness to run the global computing giant. The stock later rebounded somewhat to close down 2.1%, or 48 cents, at $22.32. In a conference call Thursday with Whitman and HP Chairman Raymond J. Lane, investors repeatedly asked whether HP's board had hired Whitman too hastily.
BUSINESS
September 23, 2011 | By David Sarno and P.J. Huffstutter
Hewlett-Packard Co. — the computer maker rocked by financial missteps, corporate espionage and allegations of sexual harassment in the executive suite — has placed its fate in the hands of an unlikely savior. Meg Whitman. The California GOP gubernatorial candidate and one-woman powerhouse who transformed EBay Inc. into a Web giant has been tapped to lead the Silicon Valley titan back to health and hopefully put an end to a decade of corporate dysfunction. It's going to be a herculean task others have repeatedly failed to achieve.
NEWS
September 7, 2011 | By Seema Mehta
During the 2010 California gubernatorial campaign, former EBay chief and GOP nominee Meg Whitman frequently touted Rick Perry's leadership on the campaign trail, recounting how the Texas governor frequently took “hunting trips” for California business, urging them to relocate to the Lone Star State. During the San Francisco Giants' World Series battle with the Texas Rangers, Whitman and Perry even wagered on the series, betting a surfboard and cowboy boots, respectively -- an unusual move for a politician who doesn't hold elected office.