HP Seeks Improvement in Market Position

    January 14, 2005

HP is combining its Imaging and Printing Group with its Personal Systems Group to strengthen its market position.

The resulting Imaging and Personal Systems Group (IPSG) will be led by 24-year HP veteran, Vyomesh Joshi, who has been the executive vice president of the Imaging and Printing Group for three years.

To continue to provide investors with transparency and visibility to financial performance, HP’s external segment reporting will not change.

Executive vice president of the Personal Systems Group, Duane Zitzner has retired from HP after 15 years with the company.

“Over the past few years, Duane has led the Personal Systems Group through a significant turnaround, with profitability improvements in each year,” declared Carly Fiorina, HP chairman and CEO. “He has successfully stabilized the business, returned it to profitability and growth, and leaves it in a healthy position for continued improvement under Vyomesh.

“There is no person better suited to lead this new organization than Vyomesh Joshi. Under his leadership, the Imaging and Printing Group has grown to be a highly profitable $24 billion business that leads the market in virtually every category in which it competes,” continued Fiorina. “Applying this leadership to the newly combined organization allows us to achieve an even higher level of performance.”

Zitzner will work with Joshi during the transition period.

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