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Latest Chapter Of HP Soap Opera: Walter Hewlett Not Renominated To Board An "Adversarial Relationship' Son of firm's co-founder led bitter battle against acquisition of Compaq.(INTERNET & TECHNOLOGY)
Byline: MURRAY COLEMAN
A bitter battle over what would be the computer industry's biggest merger ever has perhaps claimed its first major victim -- Walter Hewlett.
Hewlett-Packard Co. said Monday that the son of late co-founder William Hewlett won't be renominated to its board of directors.
The move is no surprise. Hewlett led a costly fight to stop HP's pending purchase of Compaq Computer Corp. But many investors had hoped Hewlett could remain on the board, and the latest announcement adds another twist to a saga that has pitted Chief Executive Carly Fiorina and other top managers against the founding families of the computer industry pioneer.
If the directors nominated by the company indeed win election, then HP would be without a Hewlett or a Packard on its board for the first time since its 1939 founding. Walter Hewlett is a 15-year director. That's the second-longest current tenure behind George Keyworth, chairman of public policy researcher Progress & Freedom Foundation. Hewlett didn't say if he would fight to win shareholder re-election to the board.
"The board's decision not to nominate Walter Hewlett is based on his ongoing adversarial relationship with the company, as evidenced by his recent litigation against HP, as well as concerns about his lack of candor and issues of trust," HP said in a statement.
Lawsuit Pending
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