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Fiorina calls HP/Compaq merger ‘highly successful’

Republican presidential candidate Carly Fiorina said Thursday that the Hewlett Packard/Compaq merger she engineered as HP’s CEO in 2001 has “been described as the most successful merger in high-tech history,” but there are plenty who say exactly the opposite.

Fiorina was on MSNBC’s “Morning Joe” when she took a question from Yahoo news and finance anchor Bianna Golodryga.

“You scored a lot of points yesterday by honing in on phony capitalism and focusing on the mergers that we’re seeing between large companies across the board that’s really, in your opinion, disturbing the smaller companies that are still trying to stay afloat,” Golodryga said. “We’re seeing a potential merger at Pfizer, we see health care mergers left, right, and center. Looking back though, you know, people talk about your record at HP and the merger with Compaq. Do you regret that merger now?”

“No, not at all,” Fiorina replied. “That was a highly successful merger. It’s been described as the most successful merger in high-tech history. It was.”

Wait, what?

Even before Fiorina was fired by HP’s board in 2005, Fortune did a cover story on “Why Carly’s Big Bet is Failing.”

Fortune Fiorina cover 2005“Beneath the public image are the yardsticks against which executives are — and should be — measured. So it is right to ask whether this whirlwind has succeeded. And inevitably that question must be answered in two parts. First, under the only lens that matters, did the famed merger that Fiorina engineered between HP and Compaq produce value for HP’s shareholders? Second, with that merger nearly three years past, is HP in shape to thrive in its brutally competitive world?

“The answers are no and doubtful.”

CIO in 2011 listed the HP/Compaq merger in its article “Match Made in Hell: 7 Worst Tech Mergers and Acquisitions.”

“The merger made HP more narrow and shareholders and Wall Street did not like it. After the deal, HP’s share price dropped by a quarter,” the article said. “In 2005, CEO Carly Fiorina was forced to step down with shares at half the price they’d been when she started in 1999. The Compaq deal is seen as the genesis of Fiorina’s troubles.”

Tom’s IT Pro in 2013 listed the HP/Compaq merger as one of the “13 Worst Tech Industry Mergers and Acquisitions.”

“The ‘surprising success’ attributed to the merger of the company most responsible for the growth and success of the personal computer industry, with HP, is perhaps on account of a heartening realization that nobody died.

“It would be both unfair and incorrect to say that neither party to the most spectacularly celebrated merger failure in tech history did not see the culture clash coming (I count AOL + Time Warner as a media merger). Indeed, HP under then-CEO Carly Fiorina performed extensive due diligence in investigating the various cultures of competence in both companies. The thing is, its investigation used HP’s classic scientific methods, which may be as thorough yet as effective as an IRS audit of the IRS.”

And ZDNet just last week listed the HP/Compaq merger among its “worst mergers and acquisitions in tech history.”

“Under Carly Fiorina’s reign, the merged ‘New’ HP lost half of its market value and the company incurred heavy job losses. Fiorina stepped down in 2005.

“Since the Compaq merger, HP has endured numerous problems with failed initiatives, dubious acquisitions (3COM, EDS, Palm, Autonomy) and has been plagued with ineffective management, including two major ethics scandals that have forced Chairwoman Patricia Dunn and two CEOs in succession, Mark Hurd and Leo Apotheker to resign.”


“On August 1, 2015, HP split into two companies — HP Enterprise, which is keeping the servers, storage, services and software businesses, and HP Inc., which will sell PCs, printers and other consumer products.”

Posted on Thursday, October 29th, 2015
Under: 2016 presidential election, Carly Fiorina | 1 Comment »

Carly Fiorina going ‘Back to the Future?’

The super PAC supporting Carly Fiorina is trying to find 1.21 gigawatts of power for her campaign’s flux capacitor, using Wednesday’s “Back to the Future” benchmark to get some viral energy into what might be a flagging presidential bid.

Christopher Lloyd as Doc BrownThe Carly for America super PAC (not to be confused with the Carly for President campaign itself) on Monday launched a separate website with a countdown clock to Wednesday’s momentous date and a video featuring a familiar souped-up DeLorean and a voice-over that might have Christopher Lloyd calling his lawyers.

“Oct. 21, 2015, of course! That’s the date that people can start changing the future!” the voice says. The site solicits visitors’ names and email addresses with the plea, “Doc Brown needs your help to save our future – sign up for future transmissions.”

If the super PAC is hoping to piggy-back some excitement onto this pop-culture moment, it doesn’t seem to be making much headway so far: The related “Doc Brown” Twitter account as of mid-Tuesday morning has 35 followers.

Fiorina, who rocketed up to third place (11.8 percent) behind Donald Trump and Ben Carson in the week following her well-received performance at the second GOP debate on Sept. 16 now has plummeted back down to sixth place (5.6 percent) behind Trump, Carson, Marco Rubio, Ted Cruz and Jeb Bush, according to averages of national polls compiled by Real Clear Politics.

In Iowa, the former Hewlett Packard CEO is still in third place (10.3 percent) behind Trump and Carson, and in New Hampshire she’s in second place (13.3 percent) behind Trump.

Nonetheless, national media are trumpeting headlines like “What Happened to Carly Fiorina?” (The Atlantic); “What happened to Carly Fiorina’s presidential campaign?” (Christian Science Monitor); and “The Carly Fiorina Boomlet is Already Over” (The Week).

So a little time travel might be just what Fiorina needs.

Posted on Tuesday, October 20th, 2015
Under: 2016 presidential election, Carly Fiorina | No Comments »

Carly Fiorina held a fundraiser in Piedmont

Republican presidential candidate Carly Fiorina was in the East Bay on Monday evening for a fundraiser.

Carly Fiorina with Judy Lloyd in Piedmont 10-12-15The former Hewlett Packard CEO attended a 5:30 p.m. reception at the Piedmont home of Bill Cumbelich, a big-time Bay Area office building broker, and his wife, Sara. The event was hosted by Bechtel Treasurer Kevin Leader; prominent CPA Mike Novogradac; former Accenture General Counsel Doug Scrivner; and health insurance broker Phil Lebherz. (Some of those very same folks hosted a fundraiser for Fiorina’s Senate campaign five years ago.)

Tickets for Monday’s event cost $500 per person for the general reception, or $2,700 per person for a private reception and photo op. Judy Lloyd of Danville, a former Senate aide and Bush administration Labor Department appointee who now runs a public affairs consulting firm, said after attending the event that she’s “intrigued by a number of GOP candidates,” but Fiorina “strikes me as remarkably Reaganesque.” That’s high praise coming from someone who’s now running a weekly study group at the University of Kansas’ Dole Institute of Politics called “First in Their Class: Authentic Women and the Originality that Got Them There.”

“She definitely delivered – she has grown so much since she ran for U.S. Senate here. Like anyone who loses an election or suffers a loss of any kind, if you take the right lessons you get stronger, and I believe she has,” Lloyd said, adding she was particularly impressed by Fiorina’s point that true leaders differ from managers because they challenge the status quo.

“It was a very strong message about her own leadership – she’s not afraid to be challenged,” she said. “She didn’t talk in platitudes or rhetoric, it was all authentic. … And she probably shook every hand – everyone who wanted to meet her had the opportunity.”

Fiorina’s calendar shows a busy schedule of 10 events coming up this Thursday through Saturday in Iowa. She’s now in fourth place behind Donald Trump, Ben Carson and Marco Rubio in an average of seven recent national polls compiled by Real Clear Politics; she’s in third place behind Trump and Carson in Iowa, and in second place behind Trump in New Hampshire.


Posted on Monday, October 12th, 2015
Under: 2016 presidential election, Carly Fiorina | No Comments »

Fiorina leverages Trump’s insult into web video

Republican presidential candidate Carly Fiorina is turning rival Donald Trump‘s insult into a talking point.

According to a Rolling Stone profile published last week, Trump gestured to an image of Fiorina on television and said, “Look at that face! Would anyone vote for that? Can you imagine that, the face of our next president.”

“I mean, she’s a woman, and I’m not s’posedta say bad things, but really, folks, come on. Are we serious?” Trump said, according to the magazine.

Trump later claimed he was insulting Fiorina’s persona, not her looks. But the feud already had taken root, with some pundits opining that the former Hewlett-Packard CEO is likely to go for Trump’s jugular at this Wednesday’s Republican presidential debate at the Reagan Library in Simi Valley.

She’s not waiting for the debate, though. She launched a video Monday featuring footage of her at this past weekend’s National Federation of Republican Women convention in Scottsdale, Ariz. – at which she won the straw poll.

Posted on Monday, September 14th, 2015
Under: 2016 presidential election, Carly Fiorina | No Comments »

Carly at odds with HP heirs on Planned Parenthood

As Carly Fiorina joins the rest of the GOP presidential pack in calling for the defunding of Planned Parenthood, the charitable foundations of the two families who founded the company she’s famous for leading remain among Planned Parenthood’s largest donors – to the tune of more than $138 million since 2001.

Carly FiorinaFiorina was CEO of 1999 to 2004, the first female CEO of a Fortune 50 business – a major part of the track record she now touts on the campaign trail. She has been an outspoken critic of Planned Parenthood since mid July, when the first of a series of covert videos were released depicting officials from the organization discussing procurement of fetal tissue for stem-cell research.

“I am pro-life. And I believe science is proving us right every day. But you do not have to be pro-life to understand the hideous nature of what is going on here,” she said at the Iowa State Fair on Aug. 17. “This is about the moral character of our nation. When you can have employees who target poor communities, who are pushing women into later-term abortions so they can more successfully harvest body parts even though late-term abortions are demonstrably bad for women, you can only be horrified when you see employees picking over a Petri dish for body parts while they say, ‘Look, it’s a baby.’ There is no excuse – Planned Parenthood must be defunded.”

Meanwhile, the Menlo Park-based William and Flora Hewlett Foundation since 2001 has given $86,580,945 to various domestic and international Planned Parenthood organizations and affiliates. And the Los Altos-based David and Lucille Packard Foundation since 2001 has given $51,883,238. (The Packard Foundation’s online grant database goes back only to 2010, but spokeswoman Felicia Madsen provided the total since 2001.)

There’s been no love lost between Fiorina and some of the HP heirs for quite some time. For example, Jason Burnett – the mayor of Carmel, the grandson of HP cofounder David Packard, and a member of the Packard Foudnation’s board of trustees – earlier this year told CNN that Fiorina shouldn’t work at any level of government: “She did damage to a great company and I don’t want to see her do damage to a great country.”

But Burnett said Wednesday that “there’s no particular reason why a CEO of a technology company needs to hold other policy views consistent with a company’s founders” such as on Planned Parenthood.

Posted on Thursday, August 27th, 2015
Under: 2016 presidential election, Carly Fiorina | 5 Comments »

Carly Fiorina embraces ‘happy hour debate’

Republican presidential candidate and former Hewlett-Packard CEO Carly Fiorina says she’s looking forward to taking part in Thursday’s “happy hour” debate between the low-polling contenders.

Fiorina, formerly of Los Altos Hills and now of Virginia, had issued a statement Tuesday soon after Fox News announced the main debate’s lineup saying she continues “to be encouraged by the support of conservative activists and grassroots Republicans across the country–even just today from the readers of PJMedia and Breitbart. They know we need someone from outside the political class if we want America back in the leadership business.”

She called into MSNBC’s “Morning Joe” on Wednesday morning to speak with host Joe Scarborough:

SCARBOROUGH: You ears were probably burning yesterday. We were all saying wonderful things about you around the set, how you have done a great job this year in everything you’ve done and yet, you’re not going to be on the main stage tomorrow. I know you’ve been getting positive reviews from a lot of people. What do you think about being kept off the main debate stage based on some polls, what, seven months out?

FIORINA: Well, first of all, these are national polls, as you know, Joe. National polls measure, among other things, name I.D. About 40 percent of Republicans have heard my name. In other words, a vast majority of Republican voters, never mind Americans, still don’t know who I am. So that’s not unexpected, considering I’m not a professional politician. Also, you know, in 2007 I think Rudy Giuliani was burning up the polls. As you point out, you have a long way to go here. It’s a long race. And I’ll look forward to the “happy hour” debate.

SCARBOROUGH: What’s the message you hope to get out in the “happy hour” debate?

FIORINA: You know, people are frustrated, disappointed, angry with the professional political class. Whatever your issue, your cause, the festering problem you hoped would be resolved by now, whether it’s border security or the veterans administrations or debts and deficits or a complicated tax code, the political class has let you down.

I don’t come from the political class. I think we need a president now who understands how the economy works, how the world works and who’s in it. Bureaucracies have to hold them accountable and cut them down to size. Technology. I think we need a leader in the White House who understands that their job now is to challenge the status quo of politics as usual.

Every problem we, as Republicans, talk about has been around for 25 or 30 years. It’s not that we don’t have good ideas. We have great ideas. It’s just that they never get implemented. So if we want to actually change it, we have to change the kind of leader we put in the White House.

Fiorina also said she would defund Planned Parenthood; oppose a gas-tax increase to fund the federal highway program; take the federal government to zero-based budgeting; and hold a summit meeting with America’s allies in the Middle East to determine how we can support them better.

Fiorina now ranks 14th among the Republican candidates, with 1 percent support, in an average of five recent national polls compiled by Real Clear Politics. In Iowa, she places 11th with 2.5 percent support in an average of four recent polls; in New Hampshire, she’s in 11th place with 2 percent support in an average of three recent polls.

Posted on Wednesday, August 5th, 2015
Under: 2016 presidential election, Carly Fiorina, Republican Party, Republican politics | 8 Comments »

Carly Fiorina talks tough in telephone town hall

Republican presidential candidate Carly Fiorina renewed her call Thursday for a citizen-led government that would grow the economy, cut spending, better support our Middle Eastern allies against ISIS and cut funding for Planned Parenthood.

The former Hewlett-Packard CEO, formerly of Los Altos Hills and now of Virginia, held a 45-minute telephone town hall Thursday, taking 10 questions from supporters across the country.

Fiorina 5-14-2015 AP photoFiorina – whom the Real Clear Politics average of recent polls shows is in a three-way tie for 12th place among the 16 major, declared GOP candidates – sounded undaunted by her lack of traction and likened herself to a beloved party icon.

“At this point in previous presidential elections, the polls, the pundits and the money said that Jimmy Carter couldn’t win, Ronald Reagan couldn’t win, Bill Clinton couldn’t win and Barack Obama couldn’t win,” she said, adding “the media may want to control the process, the party may want to control the process, but you know in the end the voters control the process.”

Reagan won the White House in 1980 “because the people decided he should win,” she said – though she didn’t mention that 1980 was Reagan’s third presidential run, and he had served two terms as governor of the nation’s most populous state.

Fiorina said even Republicans who support other candidates are telling her “I would love to see you debate Hillary Clinton.”

“They know what I would do, they know I would win that debate, they know I would bring up all the tough issues that are not being brought up,” she said. “We’re at a pivotal point. We need to challenge the status quo in Washington, D.C.”

More on Fiorina’s policy answers, after the jump…
Read the rest of this entry »

Posted on Thursday, July 30th, 2015
Under: 2016 presidential election, Carly Fiorina | 2 Comments »

Fiorina blasts Obama, Clinton on national security

Republican presidential candidate Carly Fiorina will blast President Obama’s and Democratic candidate Hillary Clinton’s national security policies, and cast China as “our rising adversary,” in a speech she’s scheduled to give Monday evening at the Reagan Library in Simi Valley.

Fiorina 5-14-2015 AP photo“President Obama has richly rewarded the bad behavior of Cuba, Russia, Syria, Iran and China — and Mrs. Clinton has signaled her approval,” the former Hewlett-Packard CEO will say, according to the speech’s prepared text. “It is really quite simple. When you reward bad behavior, you get more of it.”

Fiorina will promise that on her first day in the Oval Office, she would call Israeli Prime Minister Benjamin Netanyahu to reaffirm the United States’ support of Israel. She also would call Iran’s Supreme Leader to tell him that the P5+1 deal is off, and “unless and until Iran opens itself to full and unfettered inspections of all nuclear and military facilities, we are going to make it very hard for Iran to move money around the global financial system.”

“I will not call Vladimir Putin,” she’ll say. “We have talked way too much to him. But he too will get the message.”

Meanwhile, she’ll say, “China is building their economic power and will wield it ruthlessly.”

Her plan calls for America moving firmly against China’s internet censorship, economic domination, cyberterrorism, and aggressive push into the South China Sea – the latter by working with Vietnam and the Philippines to increase surveillance, and by joint military exercises with the Philippines. And America also must push harder for human rights, women’s rights and democracy there and elsewhere around the globe, she’ll say.

“China, Russia, Iran, and terrorist groups such as ISIS — these are the big human rights tests of our time,” the prepared speech says. “Women and girls are systematically targeted, subjugated, murdered, raped and sold into bondage. It is the height of hypocrisy for Hillary Clinton to run for President as a champion of women’s rights when her record as Secretary of State is this dismal.

“Our ideals are a light that shines in the very darkest corners of the world. Today, without American leadership, we have too many dark corners.”

Fiorina’s campaign said she’ll deliver the speech to a sold-out crowd of more than 1,000.

With little time remaining before Fox News selects the top 10 candidates to participate in the first debate (scheduled for Aug. 6 in Cleveland), it’s looking like Fiorina will be among those shut out. Of 16 Republicans already in the race, Fiorina is tied for 13th place with Louisiana Gov. Bobby Jindal – each with 1.3 percent support – according to an average of six recent national polls tabulated by Real Clear Politics; only U.S. Sen. Lindsey Graham, R-S.C., and former New York Gov. George Pataki fare worse.

Fiorina’s speech will be livestreamed at 6 p.m. But you can read the entire text of the speech as prepared, after the jump…

Read the rest of this entry »

Posted on Monday, July 27th, 2015
Under: 2016 presidential election, Carly Fiorina | 10 Comments »

Carly Fiorina is coming to town

Republican presidential candidate Carly Fiorina is coming home to the Bay Area. Well, for a day, at least.

Fiorina 5-14-2015 AP photoThe former Hewlett-Packard CEO, who moved from Los Altos Hills to Virginia in 2011, will be in the Bay Area next Thursday, June 4 for a $1,000-per-person fundraiser at the Peninsula Golf and Country Club in San Mateo. The hosts are Phil and Sharon Lebherz of Portola Valley; Phil Lebherz is chairman of a company that provides support and services for health insurance brokers.

It’ll be her fourth consecutive fundraising day in California – she’ll be in Los Angeles on Monday, Orange County on Tuesday and San Diego on Wednesday – but it doesn’t appear that she’ll do any public events in the Golden State. She’s been doing plenty of those in early caucus and primary states like Iowa and New Hampshire – in fact, she’ll be back in Iowa next Saturday, June 6, as one of at least seven GOP presidential candidates attending U.S. Sen. Joni Ernst’s “Roast and Ride.”

Today Fiorina is in South Carolina, trying to cast herself as a counterpoint to Democratic candidate Hillary Clinton by holding a news conference and speaking to the South Carolina Republican Legislative Caucus.

“Our events tomorrow are all open to the press,” Fiorina spokeswoman Sarah Flores wrote in an email to reporters Tuesday. “And by open press, we mean we’ll actually take questions. That’s right. We’ve answered hundreds of questions from reporters because we believe the American people will not and should not elect a president that can’t answer for her record, won’t explain her positions or for whom the truth is whatever she can get away with.”

A Field Poll released last week found Fiorina has the support of about 3 percent of likely voters in next year’s California Republican primary, ranking her ninth in the GOP field. A national poll conducted by Fox News earlier this month found her with 1 percent support, ranked 13th.

Posted on Wednesday, May 27th, 2015
Under: 2016 presidential election, Carly Fiorina | 1 Comment »

Carly Fiorina’s first presidential video

While Hillary Clinton was in Santa Clara on Tuesday calling for gender equity in Silicon Valley, one of the tech industries foremost female ex-CEOs was launching her first presidential campaign video.

Carly Fiorina, who led HP from 1999 to 2005 and was California’s 2010 Republican U.S. Senate nominee, talks in the two-minute video about her career, America, family, faith and conservatism – with nary a demon sheep in sight.

The video is from the newly formed super PAC Carly for America, which the Washington Post reports is laying the groundwork for a potential candidacy. It coincides with Fiorina’s scheduled appearance Thursday at the Conservative Political Action Conference, a four-day event in Maryland featuring a slew of possible presidential contenders.

Fiorina – no longer a Californian, having moved to Virginia a few years ago – has been setting the stage for a campaign for the past several months by speaking at conferences, visiting early-primary states, and wooing potential contributors and staffers.

So far, she’s having trouble finding traction and name recognition; most polls of the potential Republican field don’t include her. It’s very early, of course, and she has time to get her name out there – but if she’s actually angling for something other than the Oval Office, it might be useful to remember Fiorina about a year ago joined the advisory board of a pro-Rick Perry “dark money” group.

Posted on Wednesday, February 25th, 2015
Under: 2016 presidential election, Carly Fiorina | 4 Comments »