HP CEO Promises to "Get to Bottom" of Leaked Memos
Before he talked to investors, analysts and employees on a conference call, Hewlett-Packard CEO Léo Apotheker appeared on CNBC to talk about the company’s earnings results, and about its revised outlook for the quarter and the remainder of the year. Naturally he also talked–for the first time in public–about the trio of leaked memos: Three so far–two exclusively reported by All Things D and the other by Bloomberg News.
In the video below, Apotheker is asked about the memos and whether or not HP should have issued a public warning about its results or guidance sooner, seeing as how employees were being told to watch expenses. His answer: Investors should applaud the action taken. “We were affected by Japan. And because of our exposure to Japan, we wanted to be prudent. We did nothing more than prudent margin management,” he said. “Our investors should applaud us for doing that.”
Asked later in the segment about his response to the “management challenge” that someone inside HP is leaking internal communications, he promised to “try to get to the bottom of this.”
He also talked about some of the changes coming to HP’s services business, which he said is not performing as it should, and about the impact that HP’s printing business is feeling from the Japanese earthquake.
HP shares are falling again, down $3.68, or more than 9 percent, and are trading at $36.12 as of 8:15 am Pacific Time.