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HP Combining Imaging & Printing and Personal Systems Groups

Press release from the issuing company

PALO ALTO, Calif.--Jan. 14, 2005-- HP today announced that it is combining its Imaging and Printing Group and Personal Systems Group to accelerate profitable growth, leverage the power of its portfolio and strengthen its market position. To continue to provide investors with transparency and visibility to financial performance, HP's external segment reporting will not change. The newly formed Imaging and Personal Systems Group (IPSG) will be led by Vyomesh Joshi, a 24-year veteran of HP, who has served for three years as executive vice president of the Imaging and Printing Group. Duane Zitzner, former executive vice president of the Personal Systems Group, has retired from HP after 15 years with the company. Zitzner, 57, played a key role in HP's success. "Over the past few years, Duane has led the Personal Systems Group through a significant turnaround, with profitability improvements in each year," said Carly Fiorina, HP chairman and chief executive officer. "He has successfully stabilized the business, returned it to profitability and growth, and leaves it in a healthy position for continued improvement under Vyomesh. "I want to thank Duane for his many outstanding contributions to HP and wish him a wonderful retirement," said Fiorina. Zitzner will work with Joshi, 50, to ensure the organization's smooth transition. New IPSG business formed The establishment of the IPSG business brings together HP's Imaging and Printing Group, responsible for the company's printer, imaging and supplies business, projectors and digital cameras, with the Personal Systems Group, which includes desktop and notebook PCs, handheld products, personal storage appliances and workstations. The new IPSG organization will maximize efficiency, accelerate time to market and intensify competitive focus. Combining the Imaging and Printing Group and the Personal Systems Group builds on the collaboration already established between the organizations. The partnership resulted in the company's Big Bang and digital entertainment initiatives, as well as solution bundles for the consumer and small and mid-size business segments. "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."