惠普前掌门捍卫康柏并购案

    惠普（Hewlett Packard）在上周突然宣布将出售其个人系统部门，彭博电视（Bloomberg TV ）采访了惠普（Hewlett Packard）前首席执行官卡莉•费奥莉娜，质疑此举是否是由于惠普自身对PC业务经营不善所导致的。采访中，费奥莉娜称：“这个问题不应该由我来回答。”2002年，费奥莉娜主持收购了康柏电脑（Compaq computer），这一争议性收购使惠普一举成为世界最大的PC制造商。

    也许只能由费奥莉娜来回答这个问题。因为她随后提出意见，批评惠普在科研与开发上缩减投资。她同时一再为当初对康柏的并购决策辩护，表示从“收益、市场份额和利润率”三方面来看，并购很成功。费奥莉娜还进一步强调，对康柏的并购同样增强了惠普在服务器、存储、网络等企业领域的实力，而惠普就在上周还表示，将放弃PC业务，将重心转移到上述企业业务。对惠普的批评一直集中在该公司应该加强在企业领域的地位，而不是耗费250亿美元巨资收购一家低利润的PC公司（指康柏——译注）。然而，费奥莉娜称，对康柏的收购“完全是为了企业业务。”

    费奥莉娜同样费尽口舌地阐述了她在1999年的做出的另外一个决策（同样争议很大），将惠普测试与测量业务拆分，成立安捷伦科技公司（Agilent）。费奥莉娜称，那次拆分是剥离副业，“并不是由于业务失败了，而是因为业务很成功，而且在离开惠普后，该业务能继续获得成功。”

    译者：项航

    The interviewer in this Bloomberg TV clip wonders whether Hewlett Packard has mismanaged its PC business, forcing the company to make the surprise announcement last week that it's shopping its Personal Systems Group. "It's not for me to say," said interviewee Carly Fiorina, the former HP CEO whose controversial purchase of Compaq computer in 2002 made the company the No. 1 purveyor of PCs.

    Or maybe it was for her to say. She immediately followed up her demurring statement with a criticism of HP's (HPQ) disinvestment in research and development. She also repeatedly defended her decision to buy Compaq, which she said succeeded "in revenue, in market share, and in profitability." Further, she maintained, the Compaq acquisition also strengthened HP's position in the enterprise business – servers, storage, networking – that HP last week said it was now going to concentrate on when it sheds the PC division. Critics have contended all along that HP could have strengthened that position without spending $25 billion to acquire a low-margin PC company. Nonetheless, Fiorina said, the Compaq acquisition was "all about the enterprise."

    She made a similar demonstration of rhetorical gymnastics in describing her 1999 decision (also highly controversial) to spin off HP's testing and measurement division into Agilent (A). That division was spun off, she said "not because it was a failure, but because it was a success" and "could continue to be a success outside the company."