Sharks need to swim

10 August 2010 By Robert Cyran Follow @rob_cyran

HewlettPackard s recently jettisoned boss won over investors by aggressively acquiring rivals and cutting costs. But he may have left thin pickings for a successor. R&D has been cut to the bone. While proforma earnings growth has been excellent, cash flow hasn t quite kept up.

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Mark Hurd resigned as HewlettPackard's chairman and chief executive officer on Aug. 6. Hurd had been chief executive since 2005, and presided over several large takeovers, including: the $4.5 billion purchase of software group Mercury Interactive; the $13.9 billion acquisition of IT services company EDS; the $2.7 billion buy of networking firm 3Com; and the $1.2 billion purchase of smartphone maker Palm.

The company has appointed Cathie Lesjak as his interim replacement. A search committee has been named to find a successor. Lesjak has said she does not wish to be considered.

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