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HP set to lose three executives

Marius Haas, Tom Iannotti and Gary Budzinski said to be leaving the company

HP set to lose three executives
Three of HP's vice presidents are leaving the company. Marius Haas, Tom Iannotti and Gary Budzinski are all said to be on their way out.

HP's vice presidents Marius Haas, Tom Iannotti and Gary Budzinski are leaving the company, according to Bloomberg.

The company is also looking for a new senior executive for its software business, which executive vice president Bill Veghte is currently in charge of.

Haas, who led HP's computer networking business, is heading to private-equity firm KKR & Co, while Iannotti, who was in charge of enterprise services, is retiring and Budzinski, who headed computer maintenance services, is leaving.

Haas managed HP's foray into the communications-equipment market led by Cisco and previously worked as senior vice president of strategy and corporate development, responsible for such tasks as integrating acquisitions.

"Marius brings a great mix of deal experience as well as an understanding of business and technology," said Adam Clammer, head of KKR's technology group. "He'll help us source deals and work with companies once we own them."

Iannotti managed HP's technology outsourcing and consulting services and will stay in the position until the company hires a replacement.  Budzinski's departure was announced in a memo to Hewlett-Packard employees last week.

Executive vice president Ann Livermore will manage the services business in Iannotti's place while HP searches for a new executive to lead the division, Apotheker said in a conference call this week.

Executive vice president David Donatelli, who runs the company's data-centre hardware unit, now heads the technology services business that was managed by Budzinski

HP has seen a recent exodus of top management including Tom Hogan, the former head of business-computing sales; possibly due to a lowering in demand for personal computers and shrinking services margins.

 Chief executive officer Leo Apotheker who took over the position in November 2010 is trying to revive slowing growth and cut more costs. He has chopped a hefty $1bn from HP's annual sales projection this week and issued current-quarter forecasts that were lower than previous estimates.

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