Whitman’s HP Turnaround Plan Sends Shares to 10-Year Low: Tech
This article is for subscribers only.
Meg Whitman’s strategy for turning around Hewlett-Packard Co. failed to convince investors looking for speedier recovery and more sweeping change at a company struggling in everything from personal computers to technology services. The shares closed yesterday at a 10-year low.
Meeting with analysts a year after taking over, Chief Executive Officer Whitman outlined steps that include more focus on corporate customers, narrower product lines and multi-featured machines, such as printers that double as scanners and copiers. She also said the turnaround wouldn’t happen any time soon and projected 2013 profit that missed analysts’ estimates.