Capellas out of HP

Michael Capellas, formerly chairman and CEO of Compaq and president of the post-merge Hewlett Packard is to leave the company

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By  Mark Sutton Published  November 12, 2002

Hewlett Packard has announced that Michael Capellas, president and one of the architects of the merger with Compaq, is to leave the company. Capellas is leaving ‘to pursue other career opportunities’ according to a company statement.

Capellas was previously chairman and chief executive of Compaq, and moved to the president role once the merger went through. Wall Street rumour has linked Capellas with bankrupt teleco WorldCom, suggesting he may be brought in to turn the company around.

The president position will not be replaced, with Carly Fiorina taking over control of Capella’s functions. Capellas will also step down as a member of the HP board.

“We've reached a natural transition point. Michael made a commitment to see the merger through, and now thanks to the hard work of the entire team, we are meeting or exceeding all of our integration targets,” said Carly Fiorina, HP chairman and chief executive officer.

“Michael and I have been friends and peers since long before the merger. I fully support this decision and appreciate the dedication and passion he brought to our joint endeavor. On behalf of the board, management team and employees, I want to thank Michael for his many contributions to HP,” said Fiorina.

“I am proud to have been associated with this company and believe—as I have from the beginning—that HP is redefining the information technology landscape,” said Capellas. “I'm comfortable making this move because of the progress of the integration, HP's market momentum and the strength of the management team. I have tremendous respect for Carly and her leadership. I could not be more proud of our accomplishments and I have every confidence in the future success of the company.”

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