HP Charges Hewlett Continues To Mislead Investors

HP said that "there are no agreements or understandings regarding the terms of future executive employment agreements."

The HP statement went on to say, "It is bizarre that Walter Hewlett is disseminating misinformation about non-existent employment terms for HP and Compaq senior executives--while at the same time, as a director, he actively supported the Board's conclusion that more research and analysis is necessary before HP can even begin to formulate appropriate market-based executive compensation proposals.

"Simply stated, Walter Hewlett is again attempting to mislead investors--but worse than his usual flip-flop, it is plainly deceptive. As a director, he willingly supported the Board's decision to delay development of the employment contracts until after the merger's close," the statement said.

"For Walter Hewlett to disseminate this type of misinformation just three weeks before the merger vote is another example of his recent 'do anything say anything to win' strategy. It is unfortunate that he is willing to blatantly breach his fiduciary duties as a HP director by misstating Board discussions and fabricating information solely in an effort to gain votes," the HP statement said.

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Hewlett's charges come on the eve of a meeting between HP executives and security analysts in New York on Wednesday. The HP shareholder vote on the merger is scheduled for Mar. 19.