A multi-billion dollar write off announced today, due to shoddy due diligence relating to HP’s acquisition of Autonomy a couple years ago.
HP stock drifting downward, will likely go below $10, from this year’s high of nearly $30.
This company is (or maybe was?) our neighbor. I suspect most of us know people who work there or did at one time. The catharsis this company has experienced for all too many years seems endless.
My opinion is that former CEO’s John Young and Lew Platt saw the writing on the wall. They saw a company in trouble, and were honest enough to admit that they did not know just what it would take for it to “Invent.”
I fault HP’s Board of Directors, who for years have agreed to hire flawed CEO’s, which led to poor leadership, confusing strategies, and a company I cannot understand. To use a phrase that consultants from the likes of McKinsey and Bain (with apologies to Meg Whitman) “what business are we in?”
Meg has gravitas, and she likely is reconciled that HP has to broken up, as hard as that is to do. The foolish merger and acquisition strategy was poorly thought out and badly executed.
I do like walking by the Addison Street property that is now an historical site that commemorates the “garage” in which Bill H and Dave P got started.
Historical in one thing. History is another.