惠普前掌門捍衛康柏并購案

????惠普（Hewlett Packard）在上周突然宣布將出售其個人系統部門，彭博電視（Bloomberg TV ）采訪了惠普（Hewlett Packard）前首席執行官卡莉?費奧莉娜，質疑此舉是否是由于惠普自身對PC業務經營不善所導致的。采訪中，費奧莉娜稱：“這個問題不應該由我來回答?！?002年，費奧莉娜主持收購了康柏電腦（Compaq computer），這一爭議性收購使惠普一舉成為世界最大的PC制造商。

????也許只能由費奧莉娜來回答這個問題。因為她隨后提出意見，批評惠普在科研與開發上縮減投資。她同時一再為當初對康柏的并購決策辯護，表示從“收益、市場份額和利潤率”三方面來看，并購很成功。費奧莉娜還進一步強調，對康柏的并購同樣增強了惠普在服務器、存儲、網絡等企業領域的實力，而惠普就在上周還表示，將放棄PC業務，將重心轉移到上述企業業務。對惠普的批評一直集中在該公司應該加強在企業領域的地位，而不是耗費250億美元巨資收購一家低利潤的PC公司（指康柏——譯注）。然而，費奧莉娜稱，對康柏的收購“完全是為了企業業務?！?/p>

????費奧莉娜同樣費盡口舌地闡述了她在1999年的做出的另外一個決策（同樣爭議很大），將惠普測試與測量業務拆分，成立安捷倫科技公司（Agilent）。費奧莉娜稱，那次拆分是剝離副業，“并不是由于業務失敗了，而是因為業務很成功，而且在離開惠普后，該業務能繼續獲得成功?！?/p>

????譯者：項航

????The interviewer in this Bloomberg TV clip wonders whether Hewlett Packard has mismanaged its PC business, forcing the company to make the surprise announcement last week that it's shopping its Personal Systems Group. "It's not for me to say," said interviewee Carly Fiorina, the former HP CEO whose controversial purchase of Compaq computer in 2002 made the company the No. 1 purveyor of PCs.

????Or maybe it was for her to say. She immediately followed up her demurring statement with a criticism of HP's (HPQ) disinvestment in research and development. She also repeatedly defended her decision to buy Compaq, which she said succeeded "in revenue, in market share, and in profitability." Further, she maintained, the Compaq acquisition also strengthened HP's position in the enterprise business – servers, storage, networking – that HP last week said it was now going to concentrate on when it sheds the PC division. Critics have contended all along that HP could have strengthened that position without spending $25 billion to acquire a low-margin PC company. Nonetheless, Fiorina said, the Compaq acquisition was "all about the enterprise."

????She made a similar demonstration of rhetorical gymnastics in describing her 1999 decision (also highly controversial) to spin off HP's testing and measurement division into Agilent (A). That division was spun off, she said "not because it was a failure, but because it was a success" and "could continue to be a success outside the company."