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Daily News

Capellas Quits HP 6 Months After Merger
Nov 12, 2002
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HP announced on Monday that ex-Compaq chief executive Michael D. Capellas has resigned from his post as president of HP and as a member of the HP board of directors to pursue other career opportunities. Mr. Capellas is departing only 6 months after the merger of HP and Compaq Computer was complete, and the two companies began operating as a single corporation.

"We've reached a natural transition point. Michael made a commitment to see the merger through, and now thanks to the hard work of the entire team, we are meeting or exceeding all of our integration targets," said Carly Fiorina, HP chairman and CEO.

"Michael and I have been friends and peers since long before the merger. I fully support this decision and appreciate the dedication and passion he brought to our joint endeavor. On behalf of the board, management team and employees, I want to thank Michael for his many contributions to HP," said Ms. Fiorina.

"I am proud to have been associated with this company and believe -- as I have from the beginning -- that HP is redefining the information technology landscape," said Mr. Capellas. "I'm comfortable making this move because of the progress of the integration, HP's market momentum and the strength of the management team. I have tremendous respect for Carly and her leadership. I could not be more proud of our accomplishments and I have every confidence in the future success of the company."

The president's position will not be replaced. The operating executives of the company who previously reported to Mr. Capellas will now report directly to Ms. Fiorina.

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