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Mark Hurd Named New HP CEO/President

The HP board of directors unanimously selected Mark Hurd to serve as the company's ceo/president. Hurd takes up his new duties on April 1, 2005, and joins HP's board. He succeeds Robert Wayman, a 36-year company veteran who has been cfo since 1984 and was named interim ceo in February 2005. Wayman, 59, will remain cfo and continue to serve as a member of HP's board.

Hurd, 48, has served since March 2003 as president/ceo of NCR Corp., where he has spent his 25-year career in a range of general management, operations and sales and marketing positions. Prior to his current responsibilities, he was NCR's president/coo, responsible for driving the performance of the company's five business units. In fiscal 2004, NCR generated revenue of $6.0 billion, up 7% from a year earlier, and net income rose nearly fivefold to $290 million.

Previously, Hurd served three years as president/coo of the company's Teradata division, which he is credited for building into a global leader in enterprise data warehousing, analytic applications and data warehousing services. He began his career at NCR as a field salesman in 1980.

"Our search for a new leader to return HP to sustained success has been focused and thorough," said Patricia Dunn, HP's non-executive chairman. "A screening team of board members, consisting of myself, Jay Keyworth and Tom Perkins, established a broad field of candidates and interviewed many individuals. We then recommended the strongest contenders to the board as finalists. Each was interviewed by the entire board, and Mark was our top choice.

"Mark came to our attention because of his strong execution skills, his proven ability to lead top performing teams and his track record in driving shareholder value. He demonstrated these skills by turning around NCR, which, while smaller than HP, is a complex organization with multiple business segments. As we got to know Mark, we were impressed by his emphasis on developing internal talent while reaching outside for new skills, his understanding of the role of culture in a company's success and his personal integrity. Additionally, his straightforward style has won the respect of employees, customers and investors," continued Dunn.

Hurd is a member of the Computer Systems Policy Project, a coalition of chairmen and chief executive officers of IT companies, which develops and advocates public policy positions on technology and trade issues.

HP (www.hp.com) is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended Jan. 31, 2005, HP revenue totaled $81.8 billion.