Updated at 4:55 p.m. PT to correct when employees first received the memo.
Though Hewlett-Packard briefly mentioned during its earnings call Wednesday that it would be reducing compensation across the board, employees got an explanation from management in a detailed memo starting that same afternoon.
Chief executive Mark Hurd sent a long memo to his employees Thursday morning detailing his decision to cut salaries and reduce benefits in order to avoid further layoffs in this recession-battered economy.
Hurd frames his decision as "pretty straightforward." He will take a 20-percent pay cut, executive council members will take … Read more