But the moles still are - as witnessed by our Ipaqware series over the week - there's more to come on this front, and the latest e-missive from Michael Capellas, which we publish below.
It's no secret that Monsieur Capellas stands to gain financially from the takeover if it goes through - and we'll have more about this over the weekend - and so we do think that his exhortations to Compaq is a bit precious.
Fifteen thousand employees flying into the job market is no joke, so his comments about "synergies" and the Compaq "family" take some beating, and must stick in the craw for people who no doubt work their socks off at the firm. µ
From: Chairman & CEO - Michael D. Capellas
Sent: Wed 3/20/2002 5:39 PM
Subject: Compaq shareholder vote
To: Compaq Global Team
I'm pleased to report that Compaq shareholders voted overwhelmingly on Wednesday to approve our proposed merger with HP - by a margin of 9-1. It was a resounding show of support for Compaq and the Board of Directors.
This has been a long, sometimes challenging, journey, and it's not over just yet. As I said in my message yesterday, HP believes it has sufficient shareholder votes to approve the merger, but the votes must be counted and certified before we have an official result.
Nevertheless, I'm confident that the vote will be confirmed and that we will move forward as one, powerful company with a passion for customer success.
Our shareholders recognize - as do most of our customers and partners - that the complementary strengths of Compaq and HP provide a unique opportunity to reshape the information technology industry. This merger is about market leadership. It is about the ability to do more for our customers. And it is about accelerating the strategy we have been pursuing for the past year. We are ready to move forward.
At the same time, I know that many of you view the momentous events of the past two days with very mixed emotions. This is not just a business; it is a family - a diverse family, but a family nonetheless. We have an emotional connection to this company, and it's hard to accept some of the changes that will come about because of the merger.
During the shareholder meeting today, I pointed out that the Compaq brand will remain an important part of the new company. As we close the merger and launch the new company, you will see other ways in which the Compaq name and brand will contribute to HP. Most important, the unique strengths that we bring to this union are very meaningful to our customers, who have come to depend on Compaq for products, services and solutions that make a difference in their businesses and their lives.
I know that you also have a lot of questions about your job and the role you will play in the new company. Employees in both companies are obviously concerned about the 15,000 job reductions anticipated in our planning.
The job reductions are part of the synergies we expect to achieve as we integrate Compaq and HP. But I want you to understand that our larger goal is to build a strong company with a sustainable business model and significant opportunities for growth. If we do this right - and I believe we will - employees of the combined company will share in the rewards of our success and discover new opportunities for personal and professional growth.
This merger is not just about cutting costs - although that is something we must do to be competitive. It is about building something greater than Compaq and HP alone. It is about leadership and growth. In the process, we will create a lot more value for employees as well as for customers and shareholders.
Although we may have to wait a few weeks for the HP shareholder vote to be certified, we will continue to work aggressively on our integration planning. I'm very pleased with the work that has been done so far. It will enable us to hit the ground running when we launch the new company.
Obviously, much of that information cannot be shared until the merger is closed. But we will communicate more detailed information in the coming weeks about organization, the job selection process and other key milestones.
I want to thank you for all the kind words of support and encouragement during these past few months. I have tremendous confidence in you and in the contributions you will make to the combined company and our customers.
It will be challenging, but if there's one thing I know about Compaq it is that we are a company of challengers - people who are willing to overcome even the most difficult obstacle and succeed.
We will win - together.
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