HP/COMPAQ - Fiorina: Most layoffs will be done by November

HP/COMPAQ - Fiorina: Most layoffs will be done by November

Hewlett-Packard (HP) will finish its planned 15,000 layoffs by the end of its 2003 fiscal year, with 10,000 of those layoffs completed by November of 2002, chairman and chief executive oficer Carly Fiorina said Tuesday in her opening address at a day-long meeting with financial analysts in Boston.

HP continues to believe cutting 15,000 positions is the "appropriate" reduction needed following its acquisition of Compaq Computer, Fiorina said.

She also said HP is pushing forward by a year the time frame in which HP intends to realise its promised US$2.5 billion in cost savings stemming from the acquisition. That savings will now be attained in HP's 2003 fiscal year, which ends October 31, 2003, Fiorina said.

"Fundamentally, what you will hear today is that we are moving faster and achieving more," she said.

Other HP executives scheduled to speak at Tuesday's meeting include president Michael Capellas, chief financial officer Bob Wayman, and integration team leaders Webb McKinney and Jeff Clarke.

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