Name: Inside One of the Most Dramatic Corporate Breakups in Tech
Uploaded: 2025-11-11T20:40:00Z
Duration: 3 min 40 s
Description: Hewlett Packard Enterprise Chair Pat Russo recalls how investor pressure sparked tough but productive debate—and ultimately a breakup that unlocked more value for two very different businesses.

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Hewlett Packard Enterprise Chair Pat Russo recalls how investor pressure sparked tough but productive debate—and ultimately a breakup that unlocked more value for two very different businesses. Photo: Ivan Apfel for WSJ

https://m.wsj.net/video/20251111/1f34702a-de01-455e-8dd2-5f54cc6c8b6c/1/hls/manifest-hd-wifi.m3u8

Hewlett Packard Enterprise Chair Pat Russo recalls how investor pressure sparked tough but productive debate—and ultimately a breakup that unlocked more value for two very different businesses.

Inside One of the Most Dramatic Corporate Breakups in Tech

The HP experience before the breakup.

Pat: Yeah.

Tell me about, it turned out to be a good experience. It probably didn't start as a good experience.

No, actually, and it started as a, I wouldn't call it good, bad, I would just call it as a rational experience. Ralph Whitworth, who founded Relational, approached HP. Meg was the CEO at the time, and I think I was in the lead director role, maybe not even, maybe not even at that point. And he had taken a large stake in the company and wanted to come on the board, but his approach from the beginning was very constructive. And to Meg's credit, and I think the rest of the board's credit, we were open. Remember, HP, when Meg and I went on the HP board, HP had been identified as the worst-governed company in corporate America.

That's quite an honor.

Those of you, you may remember, you know, pre-texting and all the, there was a huge amount of drama.

I covered that.

And so there were a number of new board members who had joined and Ralph showed up. He's a good guy.

But that's not-

We didn't necessarily agree on everything, but he was constructive. He dealt with facts. We pushed at each other when needed. But I'd say was a positive experience.

But that's gotta be hard. I mean, the two of you were working on trying to figure out how you're gonna fix this company, and somebody comes in from the outside and says, "I have a better idea."

Well, I think of it as constructive augmentation, right? I mean, just think about it. You have people sitting around the table, all smart, capable people. Well, here was someone else who brought a pretty good network of experiences that he's had with other companies, and he was pushing on, I think, pushing on some buttons that probably needed to be pushed on.

If Ralph Whitworth hadn't shown up at the door of the board, would you have split HP into two?

Ralph wasn't the driver behind the split. The thinking behind the split was all about improving capital allocation, right? Giving each of these, the business, I mean, HP was a huge company. 100 and what? 110 billion, Meg?

Meg: 400,000 employees.

Yeah, I mean, it was giant, yeah. And HP was in many different businesses that had different velocities, that had different capital requirements. And what happens when you're managing a portfolio sometimes is you allow for boards do this, you allow for a business to subsidize another business. And if you think about maximizing value, which is what we were focused on, we had a number of new board members here right after this, I think we had five or six new board members. Meg and I being two of them. We concluded that more value could be created if the two very different businesses, what turned out to be HP and what turned out to be Hewlett Packard Enterprise stood on their own and had to be successful on their own. And so that was what was behind it.