Sunday, February 20, 2005
DING DONG III
Another Witch is Dead
Ding dong, the witch is dead. Which old witch? The wicked witch. Ding dong, the wicked witch is dead.
No, the witch in question, the wench under discussion, is not Andrew Sullivan, but instead this time one Carleton S. Fiorina, a/k/a “Carly,” the former -- and I mean that -- chairman [sic], chief executive officer, and president of Hewlett-Packard Co.
Ms. Fiorina, who I thought was out of her league at HP from day one, and who has been the subject of several posts, all of them unflattering, here at The Rittenhouse Review, was given the absurdly delayed -- and unjustifiably generously compensated -- heave-ho on February 8, an event duly appreciated by investors who accordingly bid up HP’s stock price.
It was, readers will remember, Ms. Fiorina who famously said more than a year ago: “There is no job that is America’s God-given right anymore. We have to compete for jobs.” At the time I responded, in an addendum labeled “Offshore This, Carly” to a post entitled “Working in America Today”:
That’s true, at least theoretically. Even Fiorina’s job isn’t a God-given right, it’s one that comes courtesy of HP’s board of directors -- a board she conveniently happens to chair -- and shareholders. (You know HP, don’t you? Really “high-tech” operation. Nearly 40 percent of profits come from producing those sleek and futuristic gadgets known as toner cartridges.) Fiorina has been running the show at HP for nearly five years now. During that time the company’s stock has underperformed both the S&P 500 and the Nasdaq Composite. Actually, an investor would have done better with a passbook savings account. I wonder if there’s anyone in China or India looking for a cushy CEO slot. Hey, the new chief wouldn’t even have to move.
Bye-bye, Carly. We’ll hardly miss ye. And “we” don’t even own shares of HP. Imagine the joy among those who do.
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JAMES MARTIN CAPOZZOLA
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James Martin (Jim) Capozzola launched The Rittenhouse Review in April 2002, TRR: The Lighter Side of Rittenhouse, HorowitzWatch, and Smarter Andrew Sullivan in July 2002, and Bulldogs for Kerry-Edwards in October 2004. He is also a contributing member of President Boxer.
He received the 2002 Koufax Award for Best Post> for "Al Gore and the Alpha Girls" (published November 25, 2002). Capozzola's record in the Koufax Awards includes two additional nominations for 2002 (Best Blog and Best Writing), three nominations for 2003 (Best Blog, Best Series, and Best Writing), and two finalist nominations in 2004 (Best Blog and Best Writing).
Capozzola’s experience beyond the blogosphere includes a lengthy career in financial journalism, securities analysis, and investment research, and in freelance writing, editing, ghost-writing, and writing instruction.
He earned his bachelor's degree in political science from the University at Albany and a master's in foreign affairs from the University of Virginia.
Capozzola lives in Philadelphia with his bulldog, Mildred.
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