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HP Announces Management Changes in Treasury

Press release from the issuing company

PALO ALTO, Calif.--May 22, 2003-- HP today announced that Larry Tomlinson, HP senior vice president and treasurer, will retire, effective late June 2003, after 38 years with the company. Cathie Lesjak, currently vice president, finance, HP Software Global Business Unit, will become HP senior vice president and treasurer following his retirement. "Larry has made many important contributions throughout his distinguished career at HP. As treasurer, he has provided world-class services and ensured a smooth integration of HP and Compaq's treasury operations. Cathie is a strong leader and brings a broad set of skills and experience to her new assignment," said Bob Wayman, HP executive vice president and chief financial officer. As Treasurer, Tomlinson has been responsible for managing the company's worldwide cash, debt, foreign exchange, capital structure, risk management and benefits-plan administration. During his 38 years at HP, Tomlinson played key financial roles in HP's businesses, customer support and regional operations, and for the past 10 years has served as treasurer. Cathie Lesjak has been with HP for 17 years, including 12 years in HP's treasury function. Lesjak's previous positions at HP include leading the International Treasury organization and serving as controller for the Commercial Channel Organization. Prior to her current position, she was group controller for HP's Software Solutions Organization.