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September 2001 hp surprises wall street with plans to

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Unformatted text preview: chief executive, there has been debate over whether the combination was the right course for the venerable high-tech company. The merger was pitched to shareholders in 2001 as a move that would create a company rivaling IBM Corp. in revenue while employing half the work force. But HP is still struggling against competitors such as Dell Inc. and IBM, and Fiorina's departure Wednesday lent ammunition to those who contend that tech mergers seldom live up to their promise. "It's very rare that they work," said Paul Saffo, director of the Institute for the Future, a Silicon Valley think tank. Fiorina timeline at HP Monday, Feb 21, 2005 , Kansas City Star July 19, 1999 • Carly Fiorina, a former high-ranking executive at Lucent Technologies, named as president and chief executive of HP. September 2000 • Fiorina appointed chairman of HP. July 2001 • HP announces its first major layoffs, laying off 6,000 employees amid sharply lower sales. September 2001 • HP surprises Wall Street with plans to buy...
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