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惠普拆分的利弊與潛在風(fēng)險(xiǎn)

惠普拆分的利弊與潛在風(fēng)險(xiǎn)

Eleanor Bloxham 2014年10月11日
惠普拆分是朝著正確的方向前進(jìn),但兩家新公司可能不會(huì)具備現(xiàn)任CEO梅格?惠特曼所希望的靈活性。并且,從治理結(jié)構(gòu)上來說,兩家新公司的方案非常荒謬。

????惠普拆分后的兩家新公司,可能仍無法具備現(xiàn)任CEO梅格?惠特曼所希望的靈敏性,或者我們所期待的更人性化的管理方式。但此次拆分意味著惠普正在朝著正確的方向前進(jìn)。

????盡管如此,兩家新公司的治理結(jié)構(gòu)方案卻非常荒謬?,F(xiàn)任惠普首席董事陸思博被任命為惠普企業(yè)公司董事長,該公司將專注從事服務(wù)器、存儲(chǔ)與網(wǎng)絡(luò)業(yè)務(wù)?;萏芈鼘?dān)任惠普企業(yè)公司的CEO。而在令惠普損失慘重的Autonomy收購案中,陸思博與惠特曼作為董事會(huì)成員,均需要對(duì)當(dāng)初的收購決定負(fù)責(zé)。當(dāng)時(shí),董事會(huì)的決定曾遭到惠普CFO(首席財(cái)務(wù)官)凱西?萊斯杰克的反對(duì)?;萜招?,萊斯杰克將擔(dān)任惠普企業(yè)公司的CFO。

????除了擔(dān)任惠普企業(yè)公司的CEO外,惠特曼還將出任拆分后的新惠普公司董事長,該公司將專注從事個(gè)人電腦與打印機(jī)業(yè)務(wù)。這一決定毫無意義。讓老上司盯著新任CEO(迪昂?維斯勒將出任新惠普公司的CEO),沒有任何好處。難道新成立的惠普企業(yè)公司還不足以讓惠特曼忙得不可開交嗎?

????此次拆分帶來了許多問題?;萜兆罱鈱?shí)施“代理參與”(proxy access),即允許股東提名將參與公司投票的董事人選。如今,“代理參與”能否應(yīng)用于兩家新公司?

????惠特曼的薪酬是否會(huì)有所變化?她目前的薪酬是否會(huì)由維斯勒與惠特曼平分?畢竟,現(xiàn)在的惠普將分成兩個(gè)人管理。公司的新薪酬計(jì)劃是否會(huì)讓惠特曼從公司股票的短期上漲中獲益,即使她并未創(chuàng)造出自己所承諾的長期價(jià)值?或者,薪酬計(jì)劃將要求兩位CEO對(duì)長期成果負(fù)責(zé)?

????如果董事會(huì)能夠解決公司的治理缺陷和潛在的失誤,此次拆分將給惠普帶來積極效果。從惠特曼手中剝離一半業(yè)務(wù),從深層意義上而言,也可能意味著董事會(huì)對(duì)她的長期信心不足。如果是這樣,未來公司必將有更多變化。

????本文作者愛麗諾?布洛斯罕是獨(dú)立董事會(huì)培訓(xùn)咨詢機(jī)構(gòu)價(jià)值聯(lián)盟和公司治理聯(lián)盟(The Value Alliance and Corporate Governance Alliance)的首席執(zhí)行官。她于1999年創(chuàng)辦該機(jī)構(gòu)。她從2010年10月起成為《財(cái)富》雜志定期供稿人,并著有兩本有關(guān)價(jià)值評(píng)估與治理的著作。(財(cái)富中文網(wǎng))

????譯者:劉進(jìn)龍/汪皓

????The two new companies HP HPQ 1.99% is creating may still elude the nimbleness current HP CEO Meg Whitman hopes for, or a more humane approach to management that we all desire. But HP is moving in the right direction with the split.

????With that said, the proposed governance structure for the two new firms is absurd. Pat Russo, currently HP’s lead director, is slated to be chair of the new Hewlett-Packard Enterprises, a servers, storage, and networking firm. Both Russo and Whitman, who will be CEO of Hewlett-Packard Enterprises, were responsible as board members for the disastrous Autonomy purchase decision, a move that the board made over the objection of HP CFO Cathy Lesjak. HP announced that Lesjak will become CFO of the new enterprise firm.

????In addition to her CEO role at Hewlett-Packard Enterprises, Whitman will also be chair of the new HP Inc., a personal computer and printers company. This move makes little sense. It is never good to have the old boss hovering over the new CEO, who in this case will be Dion Weisler. Won’t Whitman have her hands full at the new enterprise company anyway?

????The split raises many questions. HP had recently agreed to proxy access, which would allow shareholders to propose board nominees that would be included on the company’s ballot. Will proxy access now apply to both of the new companies?

????What will happen to the size of Whitman’s paycheck? Will her current pay be split between Weisler and Whitman since, jointly, they will be managing what is now HP? Will we see new compensation plans that will allow Whitman to take advantage of short-term pops to the company’s stock even if she doesn’t create the long-term value she has promised for some time? Or will the pay checks hold both CEOs accountable for long-term results?

????The split could be a real positive for HP if the board addresses the company’s governance flaws and potential missteps. Stripping half of HP from Whitman could also signal that, behind the scenes, the board lacks long-term confidence in her. In that case, there may be many more changes ahead.

????Eleanor Bloxham is CEO of The Value Alliance and Corporate Governance Alliance (http://www.thevaluealliance.com), an independent board education and advisory firm she founded in 1999. She has been a regular contributor to Fortune since April 2010 and is the author of two books on valuation and governance.

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