Hewlett-Packard (ticker: HPQ, exchange: New York Stock Exchange (.N))
News Release -
Statement by Mark V. Hurd, HP Chairman and CEO
Business Editors/High-Tech Editors
PALO ALTO, Calif.--(BUSINESS WIRE)--Sept. 28, 2006--The following
are excerpts from testimony delivered today by Mark V. Hurd, HP
(NYSE:HPQ)(Nasdaq:HPQ) chairman and chief executive officer, before
the U.S. House of Representatives Oversight and Investigations
"HP is a company that has consistently earned recognition for our
adherence to standards of ethics, privacy and corporate
responsibility. And yet these practices that we have taken such pride
in were disregarded by people inside the company and by people outside
the company whom we hired. This committee rightfully wonders what
"What began as a proper and serious inquiry of leaks to the press
of sensitive company information became a rogue investigation that
violated our own principles and values. It's an age-old story. The
ends came to justify the means. The investigators became so focused on
finding the source of the leaks that they lost sight of the privacy of
reporters and others. They lost sight of the values that this company
has always represented.
"I want to apologize to those whose privacy was infringed upon.
This includes nine journalists and their families, two current HP
employees and seven former or current HP board members and their
families. To varying degrees, these individuals investigated through
the use of pretexting, techniques used to obtain their telephone
"In addition to a heartfelt apology, I want those whose privacy
was violated to know that we will soon provide to the victims the
details regarding the information obtained about them, the means by
which it was obtained and when it was obtained.
"Our culture, our core, which we call the HP Way, remains strong
and ethical. But, clearly, changes are in order. Mistakes will happen
-- and these are very serious and unsettling ones that we've been
discussing. But what matters ultimately is how a company addresses the
mistakes. HP has taken specific actions and will take further actions
in the days and weeks ahead. These actions include:
-- We have accepted the resignations of our previous chairman and
our general counsel. Other employees have left the company.
-- We have appointed a new lead independent director.
-- We have appointed Bart Schwartz, the former head of the
criminal division of the U.S. Attorney's Office under Rudy
Giuliani, to do an assessment of current practices and develop
future best practices so that our processes will be without
-- We are putting into place new measures to maintain the highest
levels of information privacy.
"I pledge three things to this committee, to our employees, to our
shareholders, to those whose privacy was violated:
-- I pledge that I will dig harder and deeper and I will get to
the bottom of this.
-- I pledge that HP will take whatever steps necessary to make
sure nothing like this ever happens again.
-- And I pledge that this company will regain not just its
reputation as a model citizen with the highest ethical
standards ... we will regain our pride."
A full transcript of Hurd's testimony will be available at
HP is a technology solutions provider to consumers, businesses and
institutions globally. The company's offerings span IT infrastructure,
global services, business and home computing, and imaging and
printing. For the four fiscal quarters ended July 31, 2006, HP revenue
totaled $90.0 billion. More information about HP is available at
(C) 2006 Hewlett-Packard Development Company, L.P. The information
contained herein is subject to change without notice. HP shall not be
liable for technical or editorial errors or omissions contained
Mike Moeller, 650-236-3028
Alexa Hanes, 650-799-6191
HP Media Hotline, 866-266-7272