Timeline of major Hewlett-Packard events over past 5 years

Saturday, August 7, 2010

Timeline: Major HP events over past 5 years

A timeline of some key controversies, acquisitions and news events for Hewlett-Packard Co. over the last five years, and the trajectory of HP’s stock price under now-ousted CEO Mark Hurd:

— February 2005: CEO Carly Fiorina steps down amid upheaval about the company’s performance following her contested decision to buy Compaq Computer. HP shares trading around $19.

— March 2005: Mark Hurd named as new CEO. Starts job in April. Shares trade around $20.

— July 2005: HP announces plans to cut 14,500 jobs, Hurd’s first big act as CEO. Shares trade around $24.

— September 2006: HP Chairwoman Patricia Dunn is forced from the board over a disastrous investigation into boardroom leaks to the media that included spying on reporters’ and directors’ phone records. Stock trading around $36.

— November 2006: HP buys business software maker Mercury Interactive for $4.9 billion. Shares trade around $40.

— October 2007: HP surpasses $100 billion in annual revenue. Shares trading around $52.

— August 2008: HP buys Electronic Data Systems, which sells technology services, for $13.9 billion. Shares trading around $47.

— September 2008: HP announces plans to cut 24,600 jobs, or nearly 8 percent of its 320,000 workers, over the next three years as part of the EDS integration. Shares trading around $48.

— November 2009: HP announces plans to buy computer-networking equipment maker 3Com Corp. for $2.7 billion. Shares trading around $50.

— April 2010: HP announces deal to buy smart phone maker Palm Inc. for $1.2 billion. Stock trading around $54.

— Aug. 6, 2010: Mark Hurd resigns as CEO after investigation into sexual harassment claim finds expense reports that were allegedly falsified to conceal a relationship with an HP marketing contractor. HP shares fall nearly 10 percent in after-hours trading to $41.85 as investors reacted to the news released after the close of markets.

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