Archive for Wednesday, July 20, 2005

Hewlett-Packard to eliminate 14,500 jobs

July 20, 2005

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— Striving for Dell Inc.'s efficiency and IBM Corp.'s breadth, Hewlett-Packard Co. said Tuesday it would cut 14,500 jobs and overhaul its retirement plan in a move that all but buries the legendary company-employee bond known as the "HP Way."

The computer and printer maker once known for treating employees like family said it would save $1.9 billion a year as it trims its global work force of 151,000 by 10 percent during the next 18 months.

"Cost structures and revenue growth go hand-in-hand," said chief executive Mark Hurd, four months after being hired away from NCR Corp. with a mandate to perform painful surgery that HP's board had sought but failed to obtain from Carly Fiorina.

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