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'Don't panic': Walter Hewlett reassures voters
But Carly remains unconvinced by Walter's logic...

By Suzanna Kerridge

Published: Wednesday 13 March 2002

Walter Hewlett has spoken out to reassure HP shareholders that boardroom chaos will not reign if they vote against the merger deal.

In a conference call to shareholders, he reiterated his call for the departure of Carly Fiorina, CEO at HP, but claimed the company's senior management would remain largely intact.

Hewlett said he is convinced there will be no disruption in the day-to-day operations of HP if the merger is voted down.

"The senior management are all good people, all valuable and all doing a good job," he claimed. "The only change we need in my opinion is a new CEO," he added.

In response, Fiorina has called on Hewlett to justify his allegations and announcements made over the past few months.

An open letter asks Hewlett to disclose details of the alleged meeting with former HP CEO Lew Platt, planned layoffs and plans to double HP's margins to deliver a share price of between $14 to $17.

The ten point letter demands: "If Walter Hewlett's assertions are true, why did an entire board of directors, including six other independent board members, conclude that the merger is the single best way to create shareowner value?"