April 29, 2002 11:45 AM PDT

HP names more post-merger managers

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Continuing to work under the assumption that its merger with Compaq Computer will close soon, Hewlett-Packard has internally announced who will staff middle management for the combined company.

See special coverage: A Fight to the Finish The list of somewhere around 1,000 employees has named managers of HP units devoted to individual countries, heads of particular sales channels, and those responsible for a particular function, such as marketing, within the already announced business units. An HP representative said the list does not include managers of individual product lines.

HP notified workers Friday but is not making the list of workers public.

"This latest round of announcements demonstrates the progress of our merger integration planning process and is further proof we are on track with the launch phase of the merger plans," HP spokeswoman Rebeca Robboy said.

HP is awaiting a ruling from a Delaware Chancery Court judge on former director Walter Hewlett's lawsuit seeking to stop the deal. Assuming a favorable ruling and no impact from a recount of the votes, which is also taking place in Delaware, HP has said it hopes to close the deal May 7.

Separately, HP is facing a class-action shareholder lawsuit, filed Friday in Delaware Chancery Court, that raises many of the same issues brought in Hewlett's suit.

"We believe the claims are false, and we intend to defend our case vigorously," Robboy said.

HP said it will continue to outline further management structures prior to the deal's closing but said future announcements will be done business by business, rather than all at once. The delay in getting the deal done has given the integration team more time for its planning efforts but has also frayed the nerves of workers who are waiting to find out if they have jobs in the new company. HP has said it plans to cut 15,000 jobs after the deal is completed.

HP laid out the first layer of management when it announced its plans to buy Compaq in September. Earlier this month the company announced 150 more managers, those who report directly to the top layer of managers.

 

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